Cry a River for BITSTAMP:ETHUSD by Rule72

Report back: Small fake out on Decision 1, followed by reaching Green Target 3 on previous analysis. Money Man is a bit sniffy about that fake out as he gave it even more time than BTC , but it is what it is and being hard on yourself about something you are not in control of is not the way to keep your head in the game.

Green Target 4 (now Green Target 1) had to be adjusted because of recent price action. Money Man was watching the pattern develop and knew that there would be a lot of analysis now pointing to a H&S pattern but thinks that we are more likely to see a bigger pattern develop. There surely will be lots of nervous money in ETH now that would move further in or completely out and he thinks that justifies the placement on the decision boxes. What he did hear was how there has been a decoupling between ETH and BTC , which is partially true, except for timing of decisions which still show a lot of similarity.

Conclusion: ETH might have stopped for a breather, but that does not necessarily mean it is topping out. Keep an eye on BTC as a switch back to BTC , by those who switched to ETH, would probably cause a stall in ETH or worse. Is Money Man bullish or bearish? He simple analyse the chart – with caution. Remember: No guarantees, only probabilities. Very Important to me: Please like if you appreciate the effort, Please comment and develop this further and Please follow if you see this analysis thread going somewhere you would like to know about.

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