CountOnCrypto - Ethereum Forecast - 10/02/2021

I posted an Ethereum chart on the 7th of February and I was able to accurately trade several long positions throughout the duration of the past few days using Fibonacci levels as an idea of support, resistance and entry/ exit.

I believe that ETHUSD will retrace and find support on one of the lower red trendlines unless we continue and break upwards through the dotted Fibonacci retracement line drawn from the top at $1848.

It's all well and good if we break to the upside and go straight to 2k but I have to consider all scenarios that are reasonable!

On the previous idea, we retraced to the .786 Fibonacci level around $1717 yesterday before returning to the upside. I think it is unlikely the exact same scenario will play out and given the stochastics in the short term have started to cool off I believe that the same should follow for the other indicators on higher timeframes before we reach our desired $2000+ Ethereum.

Retracements are healthy as I always say, they provide market liquidity which is essential for a healthy market! I think it is more than likely this time round we will break that .786 Fibonacci retracement level and if we find support on a Fibonacci level between now and my lower red trendlines it would give me more bullish sentiment.

There is also a heavy downside risk if Bitcoin dumped then Ethereum would follow so we need to be extremely cautious about how we play this.
As a trader, I will sit back and wait for the best opportunity to appear; going headfirst into a position now seems overly risky for the risk to reward ratio.

Thanks for following me and interacting with my ideas, I hope the market is good for you, remember to use risk management when trading; always do your own research and never risk any of your hard-earned money on the market before educating yourself on the risk!

Trade active:

I longed the dip.