We seem to have hit the lowest point of a rounding bottom. The price appears to have broken out of whatever triangle it was trading within at the very bottom of the formation. Coupled with the oversold indicator below and my previous TA based on market psychology, I believe that people are buying ETH to hedge against the impending August 1 fork. Take what you want from this, but if this rounding bottom is, in fact, correct, then the chart could be implying a) that Bitcoin will depreciate in value significantly from this point or b) if ETH isn't being used as a hedge against BTC, then BTC will lead ETH's ride to ~.11.
If I've helped you reconsider your position in any way, shape or form (and hopefully helped you earn money), then please consider donating below, it will be greatly appreciated :)
BTC: 16WXwXXqgQMoeCkhoFmWjNf57WJB9efcGH
ETH: 0x428d2e282617EbEE3f5cC16868A7F1Ca68Cc2796
Thank you,
BitzGvng
If I've helped you reconsider your position in any way, shape or form (and hopefully helped you earn money), then please consider donating below, it will be greatly appreciated :)
BTC: 16WXwXXqgQMoeCkhoFmWjNf57WJB9efcGH
ETH: 0x428d2e282617EbEE3f5cC16868A7F1Ca68Cc2796
Thank you,
BitzGvng
Kommentar:
Sorry guys I made a huge mistake, the top half of the triangle should be slanted just above the spike on 07/12 and down toward today's spike. This would mean that we haven't yet broken out of the triangle, but when we do, the rounding bottom should continue. In line with the fundamentals (ETH/BTC hedge against 08/01), this further reinforces the chance of the chart playing out as expected.
