ETH next few days/week - The fib's not lying (so far)
I'm just learning TA, so I post these more to see how my ideas play out than inform anybody else's thinking. Please tell me if this sounds like a load of misinformed BS.
Looking for the next leg up to land in the €560-€570 range.
It all seems to currently be coming back to that magic number of 1.618 - the One line of this fib retrace is drawn from the support line of the last bull flag (first consolidation of the breakout). The Zero line is at the recent bottom (€291).
Where does 1.618 hit? EXACTLY where we seem to be finding support right now.
Looks like there's decent support and volume below, around the €420-€445 range. Feels like we need a good dip and bounce to test support. MACD's on a bearish cross, and the RSI (not shown on this chart) feels like it needs to cool off a bit. Stoch RSI (not shown on this chart) is moving towards the bottom. That black trendline in that €420-€445 range runs from the December consolidation before the January moonshot. If it does dive lower than €420ish, then this whole thing may turn out to be a big old bull trap, and we all got sucked in.
The bull flags are so far lining up with the bear flag consolidation areas on the way down.
Back to the fib retrace again, the 2.618 lines up with the next leg up (if we believe the legs down). There's a volume void on the right-hand side, we should explode through that gap up to the target zone if we believe we're properly bullish now.
Then, further ahead, where does 3.618 hit? That big resistance area of €700.
Fibonacci sequence. Amazing.
Looking for the next leg up to land in the €560-€570 range.
It all seems to currently be coming back to that magic number of 1.618 - the One line of this fib retrace is drawn from the support line of the last bull flag (first consolidation of the breakout). The Zero line is at the recent bottom (€291).
Where does 1.618 hit? EXACTLY where we seem to be finding support right now.
Looks like there's decent support and volume below, around the €420-€445 range. Feels like we need a good dip and bounce to test support. MACD's on a bearish cross, and the RSI (not shown on this chart) feels like it needs to cool off a bit. Stoch RSI (not shown on this chart) is moving towards the bottom. That black trendline in that €420-€445 range runs from the December consolidation before the January moonshot. If it does dive lower than €420ish, then this whole thing may turn out to be a big old bull trap, and we all got sucked in.
The bull flags are so far lining up with the bear flag consolidation areas on the way down.
Back to the fib retrace again, the 2.618 lines up with the next leg up (if we believe the legs down). There's a volume void on the right-hand side, we should explode through that gap up to the target zone if we believe we're properly bullish now.
Then, further ahead, where does 3.618 hit? That big resistance area of €700.
Fibonacci sequence. Amazing.
Target lines up with an old trendline connecting two lows from last year.