TorchBay
@t_TorchBay
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TorchBay
If we want to go by the four year cycle theory, based on historical tops it looks like Ethereum could top at around $8.34k - $8.85k by fourth quarter 2025 or first quarter of 2026.Price below the blue line is a buy zone
TorchBay
The 2 week chart above shows a simple trend analysis using the RSI. As you can see, the RSI in this time frame has proved to show a top for each 4 year bubble cycle all the way back to 2013. There's no real way to know exactly when this will happen, but if you monitor this time frame and wait for the RSI to reach closer to the top of the yellow trend line, we will most likely be very close to the top. Happy trading!
TorchBay
It's amazing how the charts for #Ethereum look so similar between 2017 and today.I still believe that this last extended drop we are recovering from was the 'first big drop' in this cycle with much more upside to come. I'm thinking that we will be forming a massive ascending triangle before more upside by testing the previous ATH at around 4-4.3k then another dip down to 2.3k-2.5k, forming a higher high on the ascending triangle. If this same fractal continues to mirror 2017s, we could expect the ascending triangle to break up sometime in late November or early December with the bubble topping off sometime in December or January of 2022 (I'm leaning more towards January). This is purely speculative without any analysis but my guess is we see Ethereum top off at 17k by then.#Ethereum has tested 4k according to plan, next step is testing support at 2.3-2.6k before another ATH break attempt.
TorchBay
Will the death cross happen?
TorchBay
Comparing todays 4hr chart vs 2017's "First big drop" chart. Look at the similarities. Today's RSI is not as strong as in 2017's, but still expecting a bull continuation by the monthly close. Waiting for the 50/200 MA cross before long confirmation.4 hr 50/200 MA cross just happened.
TorchBay
Comparing 2017's first big drop to todays current drop. In 2017, there were 6 weeks of downward price action before it started recovering on the 7th week. Also in 2017, ETH dropped a total of 67% and we currently have dropped a total of 60%. Currently we are in our 5th week of downturn price action, I'm thinking by the end of the month we start seeing a reversal. Also if you notice the massive triangle that is created in this chart, which resembles a possible similar triangle forming in todays weekly chart.
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