Good day Hiveians!
Join me in analyzing the crypto markets!
The last weeks have been very interesting to watch the market
I put out several ideas of what we might see and I think most of them have actually held up. With the Pi-Cycle Top indicator crossing last week, I'm sure that many people are on edge that this has marked the end of the bull cycle. But there are many reasons for why this isn't the case. But a natural reaction of the market is a (mid sized) sell off. So far we had a 25% correction from the top, which is not that big compared to the 40-60% corrections which are bound to happen in a bull market.
So what makes me think that this is the bottom for this correction? As pointed out in my last post, the market was "saved" by the "orange line". A small dip below that as we are seeing now is still nothing to get excited about. It happened several months before as well. The high degree of confidence, however, comes rather from 2017 where we saw the exact same pattern play out. This is what happened back then:
We broke through the middle thick blue line and corrected to the "orange line". After this there was a big impulse wave taking the price back to where it started. I expect the same thing to happen again. However, as the support line is much higher in this cycle this movement has been compressed. Have a look:
This "5" is where the correction should end. Again, as mentioned above price has dipped below that a bit, but that should only be a small spike. Price should sharply increase from here on. A further correction to ~40k seems very unlikely to me and if there is not a big negative news event, 48k should be the low.
We also had a look at Ethereum some time ago in which I argued that it would see a big price increase (especially compared to BTC).These are the forecasts:
And here is what happened:
Not bad? Notice how the "B" has been higher than the "A" in the ETH/BTC chart. This indicates to me that the "B" is actually going to go as high as 0.65 to meet the upper resistance line.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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