Down to ~$6800 or so over the next 7-10 days, sideways for another 7-10 days, then up to $9000-9300 by late June / early July. From there we either finally break out or continue the pattern down. If we do continue down, a total collapse seems likely.
The alternative scenario, of course, is that this time we fall out the bottom and hit a (much) lower low. That might be the dark blue line (so, ~$3.5k), which is the next long term trend line (going back to late 2016 or so).
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you're drawing meme lines on a linear scale that span nearly a year.
now ask yourself if there's anything retarded about that, and if you can't come up with anything, i suggest you close all your positions and never trade again.
First, it's log scale.
Second, I understand crypto "traders" love making knee-jerk reactions to 15 minute candles. However, TA is normally done on long time frames (several months, using daily or weekly candles), yes.
Being that obvious can have a self-fulfilling prophecy effect though. Probably a lot of people trading with something similar to that chart in mind and that can help it remain relevant.
Personally I don't think it's going to go down/sideways that much longer. I also don't think straight lines and triangles are very good guides.
I see a giant cup forming. I don't think I have a better chance of being correct than anyone else trying to predict the future, but I'd rather form my own opinions than blindly follow those attention whores on tradingview.
Interesting. Thanks for your input. I guess you're fairly bullish, then? What do you see as the bottom of this current dump - $7500? It seems we're about to break your bottom line (if we haven't already).
The bottom is around $7400 on that arc that I drew. I did this last night to determine my buy levels.
I set buys every $100 from $7600 down to $6800. Only my $7600 and $7500 orders got filled so far. I'd be surprised, but not disappointed if anything below $7000 fills.
>From there we either finally break out or continue the pattern down
>we either go up or we go down
jesus christ
OP is a fucking GENIUS!
Do ETH brah.
There was a lot more to the post than "it's either up or down", nitwit.
>From there we either finally break out or continue the pattern down