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ETH to the Moon: London Calling

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Recently, some people have approached me in my country to ask me about this cryptocurrency they've heard of called Ethereum. They've read it is better than Bitcoin, and they've also heard it will REPLACE Bitcoin.

What? I mean, I always wonder, how do people come to these conclusions? I always end up stunned by how effective marketing is. I mean, something like this is posted in Mashable, it gets copy-pasted all over the internet in different languages, and then everyone suddenly believes it.

According to the article, Ethereum's daily volume is now almost as large as Bitcoin's. And this is true, and an important part of my analysis. It's also important to acknowledge Ethereum's hashing power has been steadily growing to all time highs in the recent weeks, followed by the price increase. But the main thing is, the mainstream media is hyping it and making it look like there is a new real competitor in the game. And it's true, and they are the propaganda part of it.

Scaling debate, Chinese influence both in the exchanges by the PBOC and also by miners with their hashing power, BTU, division, drama, soap opera, etc. Bitcoin has a lot of problems right now, or at least, it seems like it. Ethereum had them last year and it all ended up with two versions of it. But now that it has recovered and with the Brexit event happening tomorrow, Ethereum will continue going higher in price, higher in volume, and probably it's network effect will continue with a very steady and healthy growth.

So what's up with London? Well, if Brexit begins tomorrow, as it is expected to happen, this is going to be bullish for Bitcoin, but guess what, I think it will also be bullish for Ethereum. Why? because it is considered as a new real alternative cryptocurrency to Bitcoin by the media, not just another speculative alt-coin, but it is a hell of a coin backed by them! Same as Zcash, but that's for another post.

I have written more about Ethereum in my first 'ETH to the Moon' chart. You can read it if you'd like by clicking here.

P.S.: By the way, it seems like the original title Mashable used for its article was 'Ethereum: The non-Bitcoin cryptocurrency that could help replace Uber' but then they changed it to 'What is Ethereum and could it actually replace Bitcoin?'. Interesting...

Disclaimer: As usual, this is not a perfect prediction. Don't put all of your money into it. If you don't know how much to put, you can learn how to hedge properly by using common sense and Google. I will be posting updates as I have been doing in my previous posts. If you earn good profits, please donate some to keep me motivated! You can find more info at my signature.

Good luck!

Song choice for the ride: The Clash - London Calling
Movie choice for the ride: 2001. A Space Odissey by Stanley Kubrick.

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Zooming in, the breakout of the candle was neat and nicely expected, as portrayed in the last updates of my previous chart. We have now hit the Gann Fann resistance and we're in a small period of consolidation. I expect we're going to continue the uptrend in the following hours.

ノート

We revisited the previous resistance line. It is a support line now.

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The market is very undecided. Both for Bitcoin and for Ethereum.

Let's how this goes, but if ETH revisits the blue pivot line and breaks it down, this setup will fail. Watch out!

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I just sold some of my holdings. I think it's possible we're revisiting 0.048 again, the strong support line. Let's wait and see what happens!

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It's going up again. Seems the uptrend is still alive!

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ETH is very undecided. It seems BTC is going back to a bull trend:

ETH whales don't seem to completely confirm the inverse relationship between ETH and BTC is over. I just made a quick short, but I'm waiting to buy back in if there is confirmation the trendline is still good support or that both BTC and ETH are going up together.

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ETHUSDT seem to confirm it will likely have a short squeeze! You can either hold or short and buy at the bottom.

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Still undecided...

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I went long again on ETH.

The current situation with ETHUSDT. Seems about to go a bit lower but then it will probably hit strong resistance.

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The pump and dump happened EXACTLY as predicted:

I'm gonna buy in now.

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A wild beautiful symmetrical pyramid has appeared!

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We broke out of the pyramid and there was panic buying. Bears hit them hard so now I'm just waiting for the trend to go it's natural way. I think there might be another leg down though.

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We could be breaking down at any moment. Stay tuned!

ノート

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It went down. Bitcoin is moving up again so that was fuel for the dump.

We're in a resistance though.

ノート

Previous resistance, actual support.

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We're back! Just another day in crypto.

Bitcoin, as usual, just taking a massive dump lol

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ETH comeback incoming:

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We went down, but I think we're going to recover pretty quickly.

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Yes, we're recovering. This wasn't even a real dip, just some short squeeze to shake out weak hands. We're even back out of the previous flag resistance.

I would honestly be surprised if this dumped again.

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I think it's starting to look more and more like a bear flag. I'm going short, just in case.

ノート

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Seems like this setup is working very well. We're going back up, and also, we've just hit some resistance (red line)

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Big move incoming. We're coming back up baby!

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Looks like a spider-web trend reversal pattern is forming.

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Before it recovered, news came from Japan they will legalise Bitcoin. This made BTC price get a huge jump up.

coindesk.com/japan-bitcoin-law-effect-tomorrow/

And ETH price reacted with a big plunge.

It hit some good support on the Gann Fann and on another previous support level.

Let's see how it develops.

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Another angle for the support:

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ETHUSDT has also hit good support:

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There is a descending broadening wedge. This kind of patterns tend to break up.

ノート

I'm still short. Waiting for confirmation of trend reversal to move back in.

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So Litecoin signaled SegWit which is definitely bearish news for Bitcoin. That might be very bullish for ETH once LTC starts to dump.

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We're about to go up. Two perspectives.

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ETH seems to be forming a megaphone

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Seems more and more like a megaphone pattern.

We're about to shoot up.

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ETH possible setup.

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We need to get out of this pennant if we want to keep going up! This is how it looks:

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This is very likely to be the bottom. Three times we hit it. We're ready for a pull back up. Stay tuned!

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SHORT ETH NOW!

It was not a pennant. It is another big flag!

ノート

I'm buying back at 0.034.

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next pumps: xrp, bts, str
next dumps: eth, ltc

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Dump setup:

Buy back at 0.034

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Bigger picture:

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Seems like a good moment to go LONG now...

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ETH seems to be ready for a comeback. Inverse H&S formation and we got out of the curve trendlines on the right side resistance. I also think we're ready to get out of this bull flag soon to shoot up to new highs.

ノート

Long now. TP to sell at 0.05.

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ETH has been a tough trade. Went up for a bit after the Inv. Head & Shoulders but then went back down. Although, if you look closely now...

This could actually be a much bigger Inv. Head & Shoulders. If it goes to the base of the triangle, prepare to go LONG.

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The Inv. Head & Shoulders failed, but now we have a much bigger possible trend reversal pattern, a rectangle/triple bottoms. If this works, we're likely continuing with the uptrend again. This looks like it's related to the upcoming pumps in LTC, BTS, XRP and STR.

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It went down a bit, hit the Gann fan lower support and now it's attempting to break the FIB resistance level to the upper side to continue the uptrend. This trend reversal will be HUGE!