MagicPoopCannon

MagicPoopCannon's Visionary Workshop! ETHEREUM! (ETH)

BITSTAMP:ETHUSD   Ethereum / Dollar
Hi friends! Let's take a look at Ethereum! Looking at the four hour chart, we can see that ETH fell EXACTLY to the bear flag's full correction depth, which is shown by the dotted black trendline that is falling from the bear flag . The triangle target was not met, but ETH came very close. That's good enough for me. My LTC target was reached, but the rest of the market came within striking distance of the other targets, before turning back to the upside. Speaking of the reversal, let's assess ETH's move under the microscope. We can see that once ETH hit the full correction depth of the bear flag , it immediately reversed to the upside. The buyers then quickly stepped in, with convincing volume , and forced a bullish crossover on the MACD . Additionally, we can see that the bulls have run into resistance at the 61.8% retrace. The advance was stopped, but a bullish consolidation appears to be forming just below the 618. Also, momentum continues to expand to the upside, increasing the likelihood of a bull flag breakout. Speaking of the bull flag , I've done some visionary work, to assess where it could lead ETH, should it actually break to the upside. As you can see (if the flag rallies to it's full potential) it would put ETH up near the 38.2% retrace. I find this extremely interesting, because this could end up being an inverse head and shoulders pattern in the making. Normally, I only reserve this sort of visionary analysis for my personal look at the charts, because it's extremely hypothetical, and could very easily be wrong. In fact, it's so hypothetical, that I wouldn't give it much merit, until we see a breakout above the bull flag . Obviously, if that bull flag breaks to the downside, it will not be supportive for this hypothetical assessment. Personally, however, I like to look at the market this way, when the opportunity presents itself. It's the same method, that has allowed me to project many head and shoulders patterns, before they fully developed. You may recall how I did that in XRP, and most recently, XLM             . With that said, I hate Elliott wave , and I can't stand analysts who project ungodly moves into the stratosphere. With this, you can look at it objectively, and easily envision this probable outcome. With that said, I want to be sure that everyone understands that this is simply a hypothetical analysis. There is a ton of overhead resistance, and the bears are still in control of this market. However, I do see a case for a continuation to the upside.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-

-JD-
I'm hoping for another drop as it took a while for my funds to transfer into exchange, so now have funds waiting for another drop to buy in.
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I think MPC is right in this respect. There are some repeating patterns going on here.

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Magic posted a bear flag with BTC. Same chart formation here. Expecting it to drop again before going back up. Super nervous by all of this though....
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There are some people who are really good at the Elliot wave fib combo stuff for getting targets.. I'll never be one of them though. Way too much work and as you said, room for subjective interpretation. Sometimes I think they are just mapping out their really good market sense and their intuition or subconscious in a rational way so they can justify it all. I like your relentless head and shoulders ways. I think it's pretty solid tbh in most cases.
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I hope it does go down again some of my tokens went down and then 80% higher
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I feel like it’s about to drop anytime to test your target $501 again.
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Is a head and shoulders forming in the GDAX? Looks like it?
The right shoulder looks like it’s topping out at $820.
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stratosphere ha ha ha
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What do you think about IOTA?
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