We are staring down an eerily similar scenario from the transition from August into September, with a Red Diamond indicating a bearish Heikin Ashi Candle looming on the Horizon, and a Darth Maul Saber Candle finish to the Week. What followed September's Scenario was a retest of the 21 Day Weekly moving average in Candle #3, after a pump test in the First Candle (week). Will we see a pump to the Upper Price Resistance Fibonacci level at $680, followed by a plummet as occurred in September, or will we break $680 and flip that number into support and head into Ethereum price discovery along with Bitcoin??
My setup is a Warning that if we do retest the next Fibonacci upper resistance line and are rejected, that we may face a similar 30+% fall over the coming Four weeks for Ethereum and a potential retest of the .382 Fibonacci support line and 21 Weekly moving average. Let's hope we break $680 and go for the moon!
Much love,
-Contortionist
My setup is a Warning that if we do retest the next Fibonacci upper resistance line and are rejected, that we may face a similar 30+% fall over the coming Four weeks for Ethereum and a potential retest of the .382 Fibonacci support line and 21 Weekly moving average. Let's hope we break $680 and go for the moon!
Much love,
-Contortionist