Before you think I'm going to get into this big elaborate story on why I think Ethereum is going to $400, let me be up front and say that's not what's about to happen. I know plenty of people post why they think certain crypto's are going to the moon and you want to read them all as soon as you can, so I'm going to keep it short and stick to the technicals.
First thing to notice is the tight trading range ETC has had over the past couple of weeks. Two days ago it broke out of that range and looked to be heading to $400 before it caught some resistance at one of the pitch forks trendline. That same point also happens to be the top of the second wave in an Elliot Wave pattern (3).
Now, I'm looking for ETH to drop back to the last pitch fork support line while creating the bottom of the second Elliot Wave (4). After that it should make a nice bounce to $400 and finish the Elliot Wave (5). Look for a day or two of resistance at the $400 mark before continuing on to new highs!
Have time for another chart? I point out some key technicals on Bitcoin below.
Bitcoin broke 5K with great vengeance last week, but it's currently catching some resistance at the uptrend line pulled from back in June, which makes this a difficult level to get past psychologically. So look for a small correction back between 5K and $5300 before shooting up to 6K. Since it's hard to say where that bounce is likely to happen, I would dollar cost average my way into this thing.
Okay this is my last chart and I swear I'm wrapping it up.
:sunglasses:
NEO, NEO, on the chart, when is the time to make my mark?
What is that?...Right now you say?.... You're catching support from some September days???
Yes, Yes now I see!!! I'll happily buy you for some BTC's!!!
