On June 10 I wrote this article calling Ethereum down to around $1,000. At that point it was $2,543:
Now it is $1,894. (I hope that was useful for my readers.) Here’s where we are now:
You will find it hard to find a more bearish looking chart.
My standard projection for such a move is:
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:
But this is what I project will happen next:
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.
Chambers won Journalist of the Year in the Business Market Commentary category in the State Street U.K. Institutional Press Awards in 2018.