Many things point to an ethereum crash (besides the obvious bubble and mania). Ether is now in what I like to call the crypto crash triangle or simply the crash trifecta. 1. Rising Wedge -- Bearish but can break upwards (especially in a market that is as manipulated as crypto when it comes to thin market depth during low volume periods). 2. Broken Support Trendline -- ether broke the trandline that connects all of its low points going all the way back to spring and summer of 2017. This is a MAJOR trendline and should be taken seriously. However, if I recall correctly, that's only on a log scale, which honestly is BS. TradingView, I'd LOVE a LOG-LOG plot but one axis being logarithmic is not really meaningful to me. Without the log adjustment the trendline goes to 500, still a major trendline. The line was tested and rejected once already but a longer time frame candle has not closed just yet. 3. Descending Triangle: Last, but surely not least, the deadly descending triangle. We saw what it did to the ether/btc ratio in previous months, and the fact that the rising wedge and broken trendline are encompassed by the descending triangle, I believe that this could be a huge blow. If the triangle breaks, I'd expect a major drop with full on panic and capitulation from the new retail investors.
Throw that in with the news about the Tether investigation and I'd say ether, similar to the whole space, is in for a possible bloodbath. However, the market depth being so thin, one whale could easily put us on the path for a bull run if they so wished.
Note: There's a fourth signal, to me. If any of you are pattern traders, mathematicians/engineers that work with patterned functions you will probably see the pattern. I have been studying it for years now, and it shows that if there is a crash or correction it will be the biggest one yet. One that makes last June seem like a walk in the park.
Questions or Comments Post Below!
I have no price target, due to the unhealthy market sentiment right now. ie If tether implodes, I'm looking at sub 100. Just a correction, I'm looking for 400-600 range with a possible wick to high 300s.
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Well that didn't last long. I might be getting out soon do to the BS going on at Coinbase and Kraken right now. Roger Ver, used to respect you but this is just retarded. If this is you, understand that you are likely to piss off a lot of people, and will become a target for this.
This just goes to show that pairing one volatile useless asset against another allows for this type of wonky crap to go on. One whale selling btc into any alt to devalue the version of btc he or she hates. Guess what, every version of bitcoin is useless.
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Had a software issue with Kraken API. Closed the short and it decided to double long me. Luckily there was some momentum from the bounce and I was able to get enough liquidity to close that too. Now I'm just analyzing again but the market feels weak.
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Bears look like they are going to break the log channel that brought forth the meteoric rise. Short if we break this channel bottom at 800.
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Well that was a great prediction that ended with some great profit taking in the low 600 range. As usual ether bounced to a mid range level but did not break the trendline from ATH. I am now short at 900 USD but watching carefully at the trendline.
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Symmetric triangle has formed and we are at the very tip, upward breakout to the green line or a devastating blow down to the red line. We will know in the next few hours.
#2 "going all the way back to spring and summer of 2017" your, so called MAJOR trendline, starts with it´s low at 21/12 - 2017? What about this tendline?
oshin11
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@Sebastiansj,did you read through the whole thing? I stated the major trendline goes to summer of 17 if it is LOG scale like you have in your photo. My chart was not log scale, which I believe to be more accurate. in scale. A lot of people in crypto use log scale as "return" point when crashes happen. Hence you get a lot of buy orders around that point. As you see, almost too perfect it's right at 500 zone.
Sebastiansj
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@oshin11, yeah right! But I still don´t get which MAJOR trendline that´s been broken, that goes from the summer o 2017?
With out log scale.
oshin11
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@Sebastiansj, I had a pitchfork somewhere but I can't seem to find it. Either way it was log scale. Update to my position above if you want to read.
CB58
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Looks like the entire sector is deflating.
EdBroadwater
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What BS on coinbase? Thats where I first stored my btc in 2010 and used it since. Thanks In advance
oshin11
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@EdBroadwater, Not saying Coinbase is BS, they are the best. The stuff that was happening on GDAX, the exchange, was BS. Super powerful bot was running all the way up the order book to getbots on other exchanges to follow as a signal for break out (thus liquidating shorts and hitting stop losses). It got really violent.