Ethereum - Secret bear flag! (70% crash target)
- Ethereum shows a lot of weakness on the major timeframe. You can see that the downtrend was pretty steep, and now we are in a bullish correction / consolidation.
- The chart is printing a big bearish flag or ascending parallel channel, and I think we should test the upper trendline first before continuing lower below 900 USDT. The bear flag is a little bit hidden, but you can spot it with a little skill. We have been consolidating within this bear flag for almost a year now.
- At least a 30% pump is very possible at this moment, and it will be a great time to take profits before a huge crash!
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately.
- You can see my Elliott Wave count on the chart. I don't know whats yours, but you can take some inspiration. A lot of people are very bullish at this moment, but the chart does not look bullish.
- A trendline from 2015 on the ETHBTC chart is breaking down, which is a significant bearish technical event. Make sure you check out the trendline in the related section down below!
- I can say that the majority of people are refusing to accept the fact that ETH and BTC could continue in the bear market. I can see it below my previous posts in the comment section, so I can make a pretty accurate conclusion. I also use this indicator for my analysis.
- The major crash could occur in September 2023 or later. Now I think ETH will go up by 30%, even though I am not going to speculate on any longs at this point on ETH.
- Choose some better altcoins, such as WAVES!
- Thank you, and for more ideas, hit "Like" and "Follow"!
