I have been watching BITFINEX:ETHUSD from time to time and i could not understand its movement. Fortunately, it made a lower low and now we have same potential paths for its next move.
Now, i never trade based on news, but recently Vitalik posted a tweet saying that cryptos could go to zero at anytime. Well, "well done Sherlock!!" you might say without even trying to think about it. Vitalik is beyond smart and he doesnt say something just for the sake of it or for dragging attention. Combine that with info from his circles/connections and you might realise that this is not a simple statement.
The real question is : "Was that statement for all cryptos or an indirect message for Ethereum?"
Should i remind you what the "good-guy" ( called by many) Charlie Lee did and said few months ago?
"Oh, no no no ! This is FUD! ETH will moon, you will see! 2018 is the year of flippening!"
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Ethereum reached 590$. Pretty impressive if you ask me. It will bounce around 520$ just before that down trend confirmation. The force of gravity is stronger on this chart. :)
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Technically this can still be a 4th for the first impulsive move up, but lets be honest here...
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In case it is, double top is the best case scenario.
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There is a chance that Ethereum is already on the way up for the bigger B. One of my pivot points for the fibs was a flash crash, i edited to the closest higher low and seems like the last dip hit the ration barely. We can can expect some short term uptrend once it bounces one of the boxes below.
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One last dive here to 420ish area. Its probably gathering strenght for the "flippening". Sorry guys, its not happening.
交易結束：目標達成
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Potential bounce for ethereum at 430+-5 . It has very deep V reversals, catching the bottom here is very hard so wait for a bounce. Multiple divs on many timeframes.
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I keep readjusting the count here. The structure feels incomplete and there is no real volume fora bounce.
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Alternative count. Bounce targets lower too. Either way, it looks like a nice mid term trade.
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For those of you that are delusional, and expecting the flippening this year (if ever) or you think that the crowd has the upper hand on this, BTC 3k or whatever ( yes there is a chance for that), this is my little atempt to convience you otherwise. Look were the final algo target is, pretty sure this is a coincidence, right? But of course, it doesnt mean that it will get there, here is were the crowd has a chance to interfere.
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Thats a linear chart btw. it just looks different, targets dont change obviously.
ETH price was driven by the nubmer of ICOs on it. The recnet talks on ICO regulations is pushing the price down in my opinion. Let me take this one step further, I thin the whole cryptosphere correction is driven by ETH drop rather then the BTC.
Vitalik is right though; blockchains, open ledgers,smart contracts are all great but the logic of tokens fail in most of the cases.
Acel
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@retiringsoon1, i rarely check on the news tbh. It helps on being as objective as possible. But yeah, that sounds logical - talks about ICO regulations affecting Ethereum price.
CB58
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Looking at the price action it appears to be trying to break the plane at 550. Relentless upward push. Nice to see but I’m cautious.
Acel
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@CB58, Its very hard to call this a 2nd wave, so i would go with it being a 4th. Im almost certain that it has one more dive before some serious uptrend. Fibs are the potential targets.
FilipeMiguel
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Nice chart but I don't believe wave 5 already finished. I have similar count at medium term but short term thinks this rebound is a wave iv. However good work.
Acel
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@FilipeMiguel, i didnt bother much to check the lower time frame fibs tbh. But yeah, its not finished since it didnt touch the 0.618, it should be around ~450$ . Its not really visible on the chart because of the 12h time frame.
FilipeMiguel
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I have similar count, however for me ETH is rigth now in your wave iv:
ttrold
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what is not happening? a little to knowledgeably for me.
Acel
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@ttrold, no flippening this year. And ETH will most likely tank hard. No financial advice, just info from the current data.
TomPower
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yes noticed that LL on eth, is it foretelling something about the whole space. G20 could get us underneath support in BTC, might as well burn my money now, lol!
Vitalik is right though; blockchains, open ledgers,smart contracts are all great but the logic of tokens fail in most of the cases.