Analysis:
My target has been met and exceeded, but not by much before the expected pullback. The long-term chart still remains bullish and short term signals as you can see from the chart above has also pulled back substantially. I would look for the signal to cross up in the Stochastics or move above the 50 into bullish range before going long again. As expected the $306 USD level would be met with resistance. Hopefully this pattern is unfinished, because in Elliott Wave Theory this pattern so far that has developed from the mid-July lows looks corrective, and if that is the case then lower lows ahead and that could spell trouble for the Crypto-Currency space. anyone investing would be most at risk if you are purchasing at market price, but the miners on the other hand have a fair bit of cushion if price drops.
Previous Posted Charts:
Foot Note:
When analyzing this chart, you will notice the Slow Stochastics indicator. I find this indicator to be the complete indicator compared to the vast majority out there. Lets explore the terms I will be using. Also use the indicator based on its respective time-frame:
Time-Frame:
1 hour - Lasts 1 hour - Few days
Daily - Last Days - Week(s)
Weekly - Last Week(s) to Month(s)
Term used:
OB - OverBought (above 80)
OS - OverSold (Below 20)
Bullish - Above 50
Bearish - Below 50
Trend - Cross up in both channel line or Cross down in both channel line.
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How much will be ETH by the end of the month in your opinion ?
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These are the pitfalls of any speculation. Since the current to medium trend is bullish I would say UP. Things change daily, so hard to say where prices would be in 21 days. This is the reason why many analyst get it wrong because its too far out. There is nothing wrong with the question as long as there are updated changes along the way to confirm or invalidate the speculative call. My target has been met, but if the 306-310 is pierced and stays, then you will likely see ATH on ETH. If we push back below $258, then be cautious because you can see $100 or $96 very quick. Probability currently sides with bullish sentiment.
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I did a possible target price if the $316 is breached to the upside and what I get is $496 / ETH. I do not normally look out this far in price, but whoever is reading this just remember that any price this far is speculation.
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