ETH Edge of a Golden Zone - Headed to $300-ish
Just a fun thought, you can take this how you see fit. Might not even be proper technical analysis. However, here we go --> Based on Fibonacci levels, if we go below the 0.78 retracement level, usually that suggest a full retracement. But what if $0 is the bottom? We all know at this point that cryptocurrency is here to stay and ETH would be one of last to die should the industry collapse. So, I decided to try this and see what comes up. And my H&S target from this morning ($320-$300) is what came up as the bottom. See the Golden Zone there? The 0.78 tracement level just "happens" to hit $303. Take this how you wish and I hope this helps you!
Remember, Chinese New Year was late this year, so beginning of April is not the bottom of this cycle. Tax season ends April 16/17, so after the tax-man is paid, money should start to flow back into the crypto world. The Double ZigZag WXY pattern I suggested a few weeks ago of this huge seasonal correction suggested a mid-April bottom. Everything seems to point in the same direction. BUT maybe it's all just a coincidence and I'm just finding a bottom to the madness because I hope to find one.... you decide.
This is not financial advise. #DYOR.
Remember, Chinese New Year was late this year, so beginning of April is not the bottom of this cycle. Tax season ends April 16/17, so after the tax-man is paid, money should start to flow back into the crypto world. The Double ZigZag WXY pattern I suggested a few weeks ago of this huge seasonal correction suggested a mid-April bottom. Everything seems to point in the same direction. BUT maybe it's all just a coincidence and I'm just finding a bottom to the madness because I hope to find one.... you decide.
This is not financial advise. #DYOR.
Comment:
One more thought, if we go below $300 there is a possibility we may be headed to the area Charlie Lee (creator of Litecoin) has talked about for years now where crypto could head into a multi-year depression. I'm hoping that doesn't happen.
