Currently at 78.6% fibonacci retracement, should this hold on the higher timeframes I would expect a downturn from here. Lower timeframes look good, Daily closes on or around the retracement around $57K is what im expecting. This could be pricing in some negative news coming in soon, around the 15th - 18th October with the US Government running out of money.
Still bearish should these retracements hold up and stay underneath the Monthly Trendline. Extensions align with HTF retracements as well. The US Government running out of money on October 18 is interesting. A 3rd tap of the bullish trendline would make this growth look more consistent and natural coming into a regulated market.
Expecting this to play out after that initial drops.
Following the last 2 posts, finally the daily timeframe We have had a solid close at the 78.6 retracement. Confident in sells from here
Zooming into the weekly timeframe at the previous' posts fibonacci extensions. Another fib (fibception) retracement is lining up with the extensions. Should we see these levels respected on this time frame then that would be confirmation to reverse from here. Along with the uncertainty with regulations, we should expect some news to be a 'catalyst' for this...
Looking at the complete history of ETH, I'm pretty confident it's had its run. Fibonacci from the ATL to the previous ATH in 2018. Extensions are now met and a wick fill has occurred. Zoom in for an in-depth analysis on the most recent PA
Higher timeframes are much more imporant. If this fib setup plays out, well, it would be wild Whether its from the 61.8 or the 78.6 retracement, either one should be a point of reversal if they hold.
HTF trendline held up again and saw another rejection from there now creating support on the LTF Looking at the Daily Timeframe, we would need the support to break in order to continue this momentum. We have clean traffic to the left on the Weekly Timeframe so if we break below it could be a pretty clean move down
Complete bias for this pair, this fib has played out so far from the first retracement to $1.60 - $1.70 After retracing to the 61.8% & 78.6% retracements we saw the -27 extension hit around $0.58. We have now seen another pullback this time to the 38.2% retracement, Solid candle closes at this level on the HTF (Weekly), I am expecting this to hold up with the...
Updated version of previous chart, now with the resistance showing where the Lower High could form. Which is where we are now, HTF candles closes are important.
PayPal news helping this move higher, expecting a Lower High or an Equal High to from to continue bearish. Bias will be bullish if we see this structure change
Taking this trade expecting the last push up to be reversed and continue lower following the bearish PA since April / May
Pretty sure this is an elliot wave if we respect this resistance and continue lower. Lower -161.8% extension from an original move down in May Regulations / fundamentals are bearish for this pair
Overall bias in this chart, from sells in May at $1.60 to more sells at $1.20. We could do with a bearish close this week strong like it is now for a solid confirmation. Couple confirmations: - Fibonacci played out to the first target of $0.58 and found support. - Wave 4 - 5 from ATH being the largest - Currently at Monthly Trendline - Currently at previous...
Last candle was a doji, will see where todays candle closes for a confirmation. Favouring sells with the trendline and overall trend / bias from previous charts.