Ethereum Fibonacci discovery - simple analysis and prediction 1D
I may have stumbled across Ethereum following Fibonacci levels that are correlated with both observed and psychological resistance levels:
In blue is the psychological price point of 1500, I have added a parallel channel that begins maps recent resistance high and low, note it intersects with the breakout position.
When calculating the numbers. 1360 (the intersect) divided by 2,000 (the upper level of resistance) I get the result: 1360/2000= 0.68. This is a key Fibonacci level/number.
In the centre of this channel lies another important resistance point ~1645/1650.
Is this just coincidence? I think ETH has been moving to key FIB levels.
RSI is looking healthy with the exception of a pullback possibly on the way (because of the fast moving average overbought) -
In my opinion this is also looking likely to see a bounce upward (slow moving average also up and we are gaining bullish momentum, plus some good crypto news recently.
I am bullish should we see a clear move upwards although I am wary of a rejection at 1500.
Let me know your thoughts and Lettuce' make some profits.
In blue is the psychological price point of 1500, I have added a parallel channel that begins maps recent resistance high and low, note it intersects with the breakout position.
When calculating the numbers. 1360 (the intersect) divided by 2,000 (the upper level of resistance) I get the result: 1360/2000= 0.68. This is a key Fibonacci level/number.
In the centre of this channel lies another important resistance point ~1645/1650.
Is this just coincidence? I think ETH has been moving to key FIB levels.
RSI is looking healthy with the exception of a pullback possibly on the way (because of the fast moving average overbought) -
In my opinion this is also looking likely to see a bounce upward (slow moving average also up and we are gaining bullish momentum, plus some good crypto news recently.
I am bullish should we see a clear move upwards although I am wary of a rejection at 1500.
Let me know your thoughts and Lettuce' make some profits.