On March 12th, I made a call that ETH (like many others) could fall to zero dollars, based on a huge head and shoulders formation in the analysis. That analysis, titled (Why Ethereum is Poised To Fall At Least 40% By April 18th!) is linked below. As you can see, ETH has fallen a whopping 75% since then. SEVENTY-FIVE PERCENT people!
This is my wake-up call to everyone. Actually, my wake-up call was when I posted the original analysis months ago. Now, this is me throwing a bucket of ice cold water in your face. Sooooo many people rejected that call with incredible disrespect, blind optimism, and unjust criticism. I'm not here to rub it in everyone's face. I'm showing you this, in an attempt to help you realize that NO investment is safe. No matter how good you think crytptocurrencies are, they can ALL be decimated. Don't be brainwashed by everyone in the crypto space, into thinking that this is a fool proof investment class. I can guarantee that something as risky, problematic, volatile, and speculative as crypto can easily be erased from existence. So have your guard up, and take negative analyses seriously. They could definitely save you in the long run.
Looking here at the ETH chart, you can see that it's continuing it's relentless descent. In fact, if you look at the 20 EMA (in blue) you can see that it has acted as powerful resistance since July. Currently, it appears to be sending prices lower again. Now, could the markets start to find some support? It's possible. But I think it will really boil down to how Bitcoin plays out. BTC in a bearish descending triangle at the moment (which actually projects a possible fall to zero) so we will have to see how that plays out. Most likely, BTC will produce a break to the downside, which would undoubtedly drag the rest of the market down with it. That's not to say that an upside breakout isn't possible. It's just not the most PROBABLE scenario. Therefore, it isn't very probable that we will see a miraculous jump in ETH either. Judging by the chart, we can expect the 20 EMA and the 50 EMA (in orange) to continue to provide upside resistance in this market.
One last thing I would like to point out is the overall appearance of the chart. All of the action on the left side could compose a left shoulder, the all time high obviously is a head, and the recent action on the right side of the chart appears to be a right shoulder. So, the whole thing looks like a long, drawn-out, distorted head and shoulders pattern. It's not perfect, but it doesn't have to be. You can see that in the slight asymmetry of the head and shoulders pattern at the all time high. In summary, I do expect (at the very best) sideways action in this market, followed by a likely continuation to the downside.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
That post in March was one of the things that finally made me stop hodling. I sold everything about that time, felt like such a loser. Now I'm very glad I did, would have been much worse.
Still ended up taking more losses learning to trade, but I have a pretty good system now and have been making money since about July. Moral of the story: if you know what direction that market is trending you can make money up and down. Don't get angry at bears, they're trying to help you!
IkemenJ
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@IkemenJ, I'll say one more thing: while all the bitcoin "OGs" were mocking and ridiculing people like me started got in December, there was never any of that crap from MPC. If we see btc go lower and these OGs start to feel the pain and puke up their bags, I'll be cracking open the champagne paid for with my shorts and laughing! Fuck them!
paranoir
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Magic, I've been following you for a while and always respected your decision and view of the market. Now it seems you're just trying to attract attention and views with your call for extremes which in my mind is making you lose credibility. You have no grasp of the fundamentals it seems. That's not to say the market can't go to 0, but the way you go about calling it shows you're more after attention, ego and recognition. God speed!
TVray
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@paranoir, very unfair, are you sure you just don't like what he is saying? He's giving you his analysis -- for free, acknowledging it may move to the upside, but that the probability is against it. WHAT IS WRONG WITH THAT -- Every one just wants their KOOL-AID instead of a dose of reality. Any deviation from what they think, complain, complain, complain, on and on. Back at $800 everyone was calling for 1K, you know you were. Do you still think that your view was realistic then, and that his was unrealistic? OMG lets all just go long on a whim and a prayer.
paranoir
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@mray01, what? did you read my comment before bitching?
paranoir
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@mray01, there's a reason why people mock "alt-rights" and call them conspiracy theorists. it's about delivery. enjoy your kool-aid on the other extreme
muhammadabdullah
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i think this dude lost money in crypto and angry at it, go ahead child play with ding dong
grebeulous
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comment brought to you by the author of the outstanding "Zec Moon Coming"
DataPatron
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@muhammadabdullah, well he was probably shorting from ATH, I would say he made shitload of money with selling crypto..
Still ended up taking more losses learning to trade, but I have a pretty good system now and have been making money since about July. Moral of the story: if you know what direction that market is trending you can make money up and down. Don't get angry at bears, they're trying to help you!