Eth is forming a Diamond pattern at the end of a cup in the long term. I'm not saying its breaking one way or the other or that the pattern would even lay out, but if it does the targets are monumental on both sides. Looking at Bitcoins move past all time highs we saw a very similar pattern with a large cup formed. Several times in the period after crossing 18,500 USD bitcoin whipsawed a diamond pattern that essentially formed the handle before exploding 2x to (so far) to our new all time high. In a similar manner, Ethereum is showing prolonged resistance after approaching the neck line on the cup formation and could break once again to the downside off this diamond pattern to form the handle before ripping past all time highs such as how Bitcoin did. Maybe it will break to the upside.. if so the target is pretty juicy, but "the herd' seems to think ETH is going higher in the immediate short term. What do you think????
Personally I see another 8-12% shakeout to form the handle before ripping to the upside but WTFDIK? LOL
Personally I see another 8-12% shakeout to form the handle before ripping to the upside but WTFDIK? LOL