Saturday, May 6, 2017
Bitcoin about ready for a 300 dollar move?
First of all, it's dollars, not points ;)
Anyway, this 4-hour chart might not look that much, but that's a 300 dollar flagpole. When this tenant concludes, the expected move from this formation is another 300, which will take it into the 1800s.
I'm not expecting Ethereum to rise faster than bitcoin in this move, because check the following chart:
In my opinion, This has a very large chance of bouncing downward. This is Ethereum / Bitcoin cross. Of course, it can also break out above the line and never look back. Some extra info: Webbot predicted Ethereum would break 100 dollars later in the summer, and it is close to 100 now. Ethereum has gone up 4X vs bitcoin this year, and that's kind of a lot.
Instead, I like this:
I could be wrong! But this is my best effort.