ETH along with tons of other Alt coins and tokens are obviously displaying these types of corrections now. I was hoping they would have held the Triangle consolidation patterns but those got creamed.
These charts are textbook Elliott Wave. The only thing that concerns me is the speed of these declines. The fact that tons of Alts are nearing their Long Term trend-lines without BTC going to new lows, makes me cautious because if BTC collapses and heads to the $3000-5000 range, I don't know if these trend-lines will hold. This is why I will be laddering in and not putting all cash to work just at one level.
This bear market is not for the inexperienced. But I strongly believe that we are just entering the early adopter phase, we should have a great next few years. Look at the logarithmic chart i posted the other day and keep the big picture in mind
By the way. I posted my stance as neutral since we are so close to the trend-lines on many of these projects, so they may bounce like a son of a bitch when they do hit these levels.
These charts are textbook Elliott Wave. The only thing that concerns me is the speed of these declines. The fact that tons of Alts are nearing their Long Term trend-lines without BTC going to new lows, makes me cautious because if BTC collapses and heads to the $3000-5000 range, I don't know if these trend-lines will hold. This is why I will be laddering in and not putting all cash to work just at one level.
This bear market is not for the inexperienced. But I strongly believe that we are just entering the early adopter phase, we should have a great next few years. Look at the logarithmic chart i posted the other day and keep the big picture in mind
By the way. I posted my stance as neutral since we are so close to the trend-lines on many of these projects, so they may bounce like a son of a bitch when they do hit these levels.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.