3380 resistance formed an ascending triangle which ETH broke out from the 31st of August. The measured move of the ascending triangle is current high.
Notable is a daily bearish divergence which I believe will cause a pullback back to 3380. Overall the PA is very bullish and a continuation to between 5230 and 5500 is expected. 5230 will be the 0.7% of the log curve.
The bearish scenario is a failure to SR flip 3380 printing a fakeout.
Previous bearish idea was invalidated with the breakout from ascending triangle. But keep in mind that historically Septembers have been red.
My concern is that if our thoughts play out, it could take a long time (months and months) to climb up again (mini winter). I have discussed with people focused on BTC and they agree.
One possible outcome could be ALTS breaking clear of the big boys and gaining more independence. A lot can happen in 12 months of crypto life.
Good chart, thank you.
nagihatoum
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@esorlegin, yesterday all my indicators decorrelated as LTC pumped and everything else remained at the same level, never happened before. Can't put my finger on the money flow and rotation. ETH should have made ATH, instead SOL took its place. Can't grasp this NFT thing. Market getting more complicated.
esorlegin
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@nagihatoum, It's a quagmire. As the products develop and new ideas come into play, it will become even more complex with coins becoming more independant - perhaps as 'groups' or clusters that work in their own way in their 'industry sector' independant (to a great degree) of BTC & ETH.
I have noticed the some coins now shadow ETH and not BTC. I can see the fracturing of the market into segments becoming a significant headache - one that would be solved by people following a different clusters of coins.
Look at 1inch and EOS right now.
LTC is tracking ETH - but I think the ETH will bottom at near 3800 and LTC will then head back towards 265 and perhaps on to 400.
SOL - I don't know - but I still think 265 is possible before we see 'blood on the streets'
That said - in 48 hours I am 500% in profit - it's hard on the brain cell and picking the right 'horse' is tricky.
And this thing should have spell check!! :-)