Bearish Gartley Alternative - ETHUSD
*THIS IS NOT TRADING ADVICE*
However, this was not posted without consideration for FA. ICOs = selling pressure when the startups sell their acquired ETH for actual usable funds. Historically ETH has dipped after major ICOs due to this.
My core fundamental with being bearish on crypto right now is the fact, yes fact, that all coins are priced on speculation, not valuation. Ethereum is not a mature, scalable blockchain that I hope it will be one day. It cannot currently support all the dApps and smart contracts that are being developed currently, and thus I do not believe $100 billion is a fair valuation of it. That is not to say that one day it will far surpass this valuation, and deserve it, I just think currently it is speculation.
That is the most likely scenario, and I have touched on that in my previous posts (https://www.tradingview.com/chart/XBTUSD/tLZoZLRa-All-coming-together-with-Elliott-Waves-BTC/). This is just an alternative idea. Markets don't act rationally after all, so why not consider the non-obvious outcomes?