ETHEREUM - BOTTOM IS IN? CRASH OVER? | 61.8% FIBONACCI / H&S
Analysis
Projections
Conclusion: Price has crashed severely and has consolidated healthily by ranging sideways. The bottom is in and the next move up will form the right shoulder and break past resistance at $3000 to push for $3400
2017 Fractal[/I]
- We may be at the point where the crash is over and the bull market is about to resume again
- We are in the midst of fully printing an inverted head and shoulders pattern with the right shoulder about to finish forming
- Current price has retraced and bounced from the local right-shoulder 61.8% fibonacci retracement level
- The entire correction, from Ethereum's cycle ATL to the ATH, has retraced to the 61.8% fibonacci retracement level
- Price action has been very healthy by consolidating and maintaining a low prices by winding between $2000-$3000, which supports the argument of a bottom being formed
- This is largely supportive of the 2017 fractal idea linked below which indicates that price has found a bottom
Projections
- I suspect we have bottomed and this 61.8% fibonacci retracement as the right shoulder will be a reversal zone to break past $3000, the neckline and local resistance zone
- We will find rejection at the ATH-Bottom 61.8% retracement level at $3,400 and correct to the 38.2% level to retest the neck-line to turn resistance to support before fighting for an ATH
Conclusion: Price has crashed severely and has consolidated healthily by ranging sideways. The bottom is in and the next move up will form the right shoulder and break past resistance at $3000 to push for $3400
2017 Fractal[/I]
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