Here is a chart I've posted before of ETH/BTC. The MASSIVE Head & Shoulders Bearish TOP pattern is hard to ignore. The symmetry is pretty impressive in that there are two Left Shoulders (LS-1, LS-2) and two Right Shoulders (RS-1, RS-2). The Head (H) is very symmetrical as well. Most importantly, price BROKE THROUGH the NECK LINE!!!!
Now, if you subtract 0.097 BTC from current price, it results in a negative value! This does NOT mean it will go to zero. I've seen this type of MASSIVE H&S Top patterns and eventhough minimum calculation resulted in a negative value; e.g. sub zero; prices did still get seriously damaged. The fact that the Neck Line has fallen and price is now below it is very bearish for ETH/BTC price.
Be VERY CAREFUL !!!
I don't know what news, event or reason might cause such potential havoc on ETH/BTC, but Elliott Wave states that news or an event shall arrive to justify the forecast.
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Excellent analysis again! I am learning new things from you.
I just wonder, what exchange are you basing projections on? Because currently in China I believe prices are lower than elsewhere, so I was curious to know if this affects your predictions. Or do you use global average prices?
thanks!
Bitfinex
Thanks!
Bitfinex is pretty big so good indicator