ETHEREUM Pattern Will Likely Target $165-167steemCreated with Sketch.

in #ethereum5 years ago

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The last move we saw with ETH similar to this was back in the middle of September. Conditions were oversold for a while as well, and when we finally saw a bounce, we saw movement up to the resistance like at $252 from $167. If we see a similar action, this will be the target for ETH this time around. This move would represent about 60% of upside from the low, and a good overall move for a short period.

The magnitude would put the target at the $185 resistance, but that would also represent a greater bounce in terms of percentage gain. This is still possible though since we had a greater oversold condition which might equate to a stronger bullish move.

Resting ontop of the $100 support was a great spot for ETH. A move to the ATH would signify a 14x gain.

4-hr chart is showing inside bars which is a good thing since we've been having such great action. It's always needed after double digit gain days.

Hope everyone had a great day and enjoyed the ride to the upside this last time.

We are hoping for nice consolidation, and then a blast again to the upside.

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Not sure whether to be happy or sad about that bounce. less time to make additions to my crypto furtune, and a few less lambos to buy.

Yea I definitely feel you on that. I guess ideal scenario (which is likely in my opinion) is that we see a nice bounce, get some profits, and then see more downside and we can reload more for cheaper :)

Seems likely. I can't imagine the bull run is already started. There's still so much uncertainty with the Bakkt delays, and the SEC investigating so many ICOs. The thing that really worries me is the Steemit Inc layoffs. A blockchain should be able to survive without it's original development team, but if Steemit Inc can't come up to the plate who's going to replace them?

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yea definitely. Nothing to change it. Typically we'd see a nice spike. This move took a while to get going and is just the bulls fighting back as bears take a breath.

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