Bitcoin And Ethereum Crash: Charts Of The Final Capitulation – Forbes

bitcoin-and-ethereum-crash:-charts-of-the-final-capitulation-–-forbes

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On June 10 I wrote this article calling Ethereum down to around $1,000. At that point it was $2,543:

The Ethereum chart a few weeks ago

Credit: ADVFN

Now it is $1,894. (I hope that was useful for my readers.) Here’s where we are now:

The current Ethereum chart

Credit: ADVFN

You will find it hard to find a more bearish looking chart.

My standard projection for such a move is:

My prediction for the future of Ethereum

Credit: ADVFN

Which I find almost too striking to believe. However, you don’t go throwing your tried and tested tools away just because they come up with a wild prognosis.

I don’t wish to repeat my previous article and I am writing this because I think this chart is showing you we are on the edge of the final leg down.

Fear of missing out (FOMO) is over, the meme mob is in abeyance and the “powers that be” are in crush crypto mode. They won’t crush crypto and they will divert their attention to other matters as soon as the crash is over because the “job done” flag will be waving and they will get on with regulating the next firestorm, of which there will be no shortage in the post-covid world.

Bitcoin is on the same path but an optimist would still be praying for salvation from the next leg down:

The current bitcoin chart

Credit: ADVFN

But this is what I project will happen next:

What I think will happen to bitcoin

Credit: ADVFN

Then to me the crash is over and will be followed by a long period of sideways trading where investors should dollar cost average in to toward the next “halvening” and boom cycle.

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Clem Chambers is the CEO of private investors website ADVFN.com and author of 101 Ways to Pick Stock Market Winners and Trading Cryptocurrencies: A Beginner’s Guide.

Chambers won Journalist of the Year in the Business Market Commentary category in the State Street U.K. Institutional Press Awards in 2018.

Follow me on Twitter or LinkedInCheck out my website

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