MagicPoopCannon

Ethereum in A Bear Flag — Bears Still in Control! (ETH)

BITSTAMP:ETHUSD   Ethereum / Dolar
Hi friends! Welcome to this update analysis on Ethereum! Looking at the four hour chart, you can see that a monster fall came from my head and shoulders pattern, but ETH found sturdy support at the 61.8% retrace. Listen people, I want to be a bull. I really do. I want to believe that the end of the bear market correction is in, but I just can't. I can't side with the bulls yet. Here's why. When we look at the recovery off of yesterday's low, all I see is a bearish consolidation pattern. As you can see, there is a ton of overhead resistance, just above the current price action. We have the 200 EMA (in purple,) the 50 EMA (in orange,) the 38.2% retraced, the top of the bear flag , and the blue trendline which is the neckline of the head and shoulders pattern. All of these resistance levels are converging in the same general area. This tells us two things. Number one, the resistance is huge. Number two, if it is surpassed, that would be a tremendous short-term victory for the bulls.

Looking at the bear flag , you can see that it projects a price target, FOR A CORRECTION TO IT'S FULL POTENTIAL, right near my triangle target. Therefore, it looks like the most likely scenario, is that ETH finds resistance at this heavy resistance level just above, and breaks down from the bear flag , destroying the bulls in the process. If ETH breaks above the resistance levels, I will have a whole new opinion on the forward path of this market. However, that evidence does not exist yet. All I see, at the moment, is a lackluster bounce, with plummeting volume , into a bear flag consolidation. Perhaps, my triangle target is still on the horizon. The only thing that will make me take it down, is a powerful break above the overhead resistance levels.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-

-JD-
Hello- got an update?
+4 Balas
Also, analyst from Deutsche Bank presented an interesting correlation chart between VIX and inverse BTC from the beginning of December,

Volatile week coming up, could be an interesting week to test this idea. It does make intuitive sense, as when investors couldn't find anywhere else to put their money they put it into more riskier assets, and now that selling has occurred in less riskier markets, money is being taken off the table in the crypto-sphere.
+2 Balas
Good Discussion,

In my eyes, $ETH is neutral territory but weak and wounded. Each day that passes it eerily starts to look like $BTC. If it breaks and holds 900$ in the coming days.... game over, you can name your support levels but I think it crushes right through them and 500 wouldn't be out of the question. I think $ETH will turn bullish if it clears and holds 1075$
Balas
aham22 StaniecLukasz
@StaniecLukasz, already broken $900 mate
+1 Balas
@aham22, Seems that way, trying to be optimistic but doesn't look that way with the weakness.... super bowl fever maybe, no buyers all are out preparing for the game and the commercials? lol
Balas
@aham22, I would have interest to hear from someone that practices harmonic wave theory, with this wave is it the big one?
Balas
I say this was no correction. Weak hands must FEEL PAIN and this was barely a drop for ETH. DOWN, DOWN! Maybe my President, Donald J. Trump, can outlaw ETH for being the Ponzi scam that it is. DOWN!
Balas
cryptoress mightytrader
@mightytrader, that is rubbish, ETH is not a Ponzi scam, kindly support your arguments.
+3 Balas
mightytrader cryptoress
@cryptoress, It is a mechanism to create ICO's which breeds lots of scams. Most ICO's are worthless garbage. But Ethereum Foundation makes money from all the scams since it is a pyramid. But the biggest scam was the bailout of the hard-fork in summer 2016.

And it is totally centralized and dependent upon EF.

Bitcoin, however, depends upon no one.

But this is my view. Maybe it turns into something great but it's too speculative for me and I prefer Bitcoin as it is just a simple leger and thus the most secure.
+1 Balas
andrewpomerans mightytrader
@mightytrader, ...sounded with a pinch of "tinfoil" there my friend.
+2 Balas
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