Overnight ETH hit .03150 BTC which is exactly the lower end of my first target range. (see prior post).
BUT ETH is not close to my first target in USD (17.25 – high so far on this move is 14.00 USD).
I think the move over the last three days certainly qualifies as the explosive move I have been calling for, and it went right up to my projected target, too. It’s worth noting that it reversed pretty hard when it hit that target, which of course raises the probability that this current up move is over.
Specifically, the current pattern says:
If ETH stays above .027-028 ($12.50-75) today, then there’s a good chance we can see the USD target on this move. Otherwise, the chances increase that ETH will go back to .02635 or even .02265 range which would be a “line in the sand” for the probabilities to favor more upside on this move.
During a powerful up move like this, every meaningful drop can effect the probabilities of where price is headed, no matter how strong an up pattern was up till that point.
In other words, you can never be certain of anything, so I’ll be watching the next 1-3 days carefully and be very willing to alter my targets based on what the patterns tell me.
BTC price range has been very small over the last 2 weeks. Patterns are shaping up for a big move here. The probabilities are still to the downside, and the target remains in the $385 USD range.