I was very bullish, but guess what? Like many of my predictions, that was wrong.
What I thought would be a bullish continuation pattern turned out to be a correction.
At this point, it appears that the 0.5 retracement level will be penetrated. There could be a bounce for half a day, but the momentum is not behind ETH & we can see shrinking volume & MACD crossing 0.
We'll probably have at least a full ABC correction. The target? Perhaps at least to .618 level, if not full retracement.
Now, this doesn't bid well for the altcoin market. When ETH is down, alts tend to be weak. We may see BTC dominance rise to 60% again.
In the end, everybody wants to predict "something new" happen & be right. I have a growing feeling that this will be quite similar to last year, with the exception that ETH is now mature & not $10 anymore.
What I thought would be a bullish continuation pattern turned out to be a correction.
At this point, it appears that the 0.5 retracement level will be penetrated. There could be a bounce for half a day, but the momentum is not behind ETH & we can see shrinking volume & MACD crossing 0.
We'll probably have at least a full ABC correction. The target? Perhaps at least to .618 level, if not full retracement.
Now, this doesn't bid well for the altcoin market. When ETH is down, alts tend to be weak. We may see BTC dominance rise to 60% again.
In the end, everybody wants to predict "something new" happen & be right. I have a growing feeling that this will be quite similar to last year, with the exception that ETH is now mature & not $10 anymore.
