Based on the 3D time frame we see strong bullish signs that show confluence with my thesis on ETH dominating the market for the next few months. Looking at the ichimoku cloud we see that both price action and the chikou span have broken out of the kumo in conjunction with a bullish kumo twist. Utilizing ETH's ATH from last June we see huge upside in the long run.
Yet another way to assess the current trend is utilizing the pitchfork. A pitchfork is drawn from a significant swing high or low to another swing low or high with an anchor point being a previous extreme low or high. The median line (shown in red) gives the expected mean of the trend. Theory says that price action will continually attempt to return to this level. Each diagonal of the pitchfork can be seen as a potential support or resistance (and may indicate a reversal zone). The widest part of the pitchfork (shown in blue) relate to the most extreme conditions of the asset (overbought/oversold).
With that said, my anchor point is from December 2016 and my swing highs/lows are from June 2017 and December 2017. Given the current trend we see that ETH was incredibly oversold last month before it began its ascent back towards the median. If we follow this logic we can predict with a high degree of certainty that price will attempt to move towards the median over the next few months which lines up perfectly with our 3rd price target for the year.
Given the status of ICO mania, I believe ETH will continue to lead the alt recovery through winter into Q2. I'm expecting big moves as the hysteria increases and many hyped ICOs go from private or pre-sale into a crowd sale (if at all). This will sky rocket the demand for ETH as consumers FOMO into their favorite shilled ICO of the week.
Given the consolidation in volume over the past few weeks, I believe ETH is preparing for a moon shot to its ATH and then some.
Target #1: 0.128 BTC
Target #2: 0.156 BTC
Target #3: 0.235 BTC
Target #4: 0.37 BTC
Target #5: 0.5 BTC
Note: Make sure to take significant profit at targets 2 & 3.
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