Ethereum pennant to 6k?
Ethereum could be forming a large pennant with an upside target of 6.2k [750 billion market cap].
Path may not be exact, accumulating and staying the course makes sense. Know when the structure is broken and where you could be wrong.
We could see a short term pullback to form a cleaner structure of the pennant, with a pennant break out around october november. This is on the assumption that bitcoin maintains integrity with the 30k floor and doesnt form the notorious descending triangle. It could lead to a downside pennant break should bitcoin dictate that, however we would need a bearish catalyst, maybe stock market break down. However since fed have been pushing for rate hikes around 2023 you can assume the bull trend will continue onwards.
Historically buying ether around the nov/dec period and selling around may/june has proven to be a rewarding period. Amplify that with some credible alts to potentially outperfom. However, considering how low bitcoin dominance is, it wouldnt surprise me if bitcoin took the lead first and take back some liquidity before the knock offs have their rips again.
Good luck.
Path may not be exact, accumulating and staying the course makes sense. Know when the structure is broken and where you could be wrong.
We could see a short term pullback to form a cleaner structure of the pennant, with a pennant break out around october november. This is on the assumption that bitcoin maintains integrity with the 30k floor and doesnt form the notorious descending triangle. It could lead to a downside pennant break should bitcoin dictate that, however we would need a bearish catalyst, maybe stock market break down. However since fed have been pushing for rate hikes around 2023 you can assume the bull trend will continue onwards.
Historically buying ether around the nov/dec period and selling around may/june has proven to be a rewarding period. Amplify that with some credible alts to potentially outperfom. However, considering how low bitcoin dominance is, it wouldnt surprise me if bitcoin took the lead first and take back some liquidity before the knock offs have their rips again.
Good luck.
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