ETH is approaching some key support zones.
This crypto dump may have been caused by Bitmain news, that the founder/co-ceo Jihan Wu has resigned or was fired.
But then again, crypto does not ''need'' a reason to dump or spike. Yet the timing of that news hitting internet is too close.
Or maybe it was caused by the ETC hack that others have proclaimed to the be the cause of latest Bearish move.
Regardless, I just measure the "Impulse".
Which provides a forecast of the "Ripples".
The ripples then determine the "Waves".
Currently it seems we have one more leg down to go.
The Red fib plots the Ripples from the Impulse at 160.
The Green zones are confluences of various ripples.
Lets see how this plays out.
I will be watching the zones.
I will update as price moves.
.
.
Background:
My ETH journey started a Fib observation from the bottom
Once that played out, I was looking for the retrace zones to enter long again
Above zones played out and as bounce progressed I saw 152 and 156 as possible targets
Then I saw the top coming, sold, and was looking for re-entry zones:
Got some long scalps in per above plan, then I saw another leg down to come
So next was plan to look for retrace zones to buy back in:
Then I saw a distinct resistance that should have been harder to break:
The above ''Line in the Sand'' broke, but I dont think it should have. So am now expecting a retest
This crypto dump may have been caused by Bitmain news, that the founder/co-ceo Jihan Wu has resigned or was fired.
But then again, crypto does not ''need'' a reason to dump or spike. Yet the timing of that news hitting internet is too close.
Or maybe it was caused by the ETC hack that others have proclaimed to the be the cause of latest Bearish move.
Regardless, I just measure the "Impulse".
Which provides a forecast of the "Ripples".
The ripples then determine the "Waves".
Currently it seems we have one more leg down to go.
The Red fib plots the Ripples from the Impulse at 160.
The Green zones are confluences of various ripples.
Lets see how this plays out.
I will be watching the zones.
I will update as price moves.
.
.
Background:
My ETH journey started a Fib observation from the bottom
Once that played out, I was looking for the retrace zones to enter long again
Above zones played out and as bounce progressed I saw 152 and 156 as possible targets
Then I saw the top coming, sold, and was looking for re-entry zones:
Got some long scalps in per above plan, then I saw another leg down to come
So next was plan to look for retrace zones to buy back in:
Then I saw a distinct resistance that should have been harder to break:
The above ''Line in the Sand'' broke, but I dont think it should have. So am now expecting a retest
Note
Almost there First zone was breached, now acting as resistance
Note
A wee bit of a good sign, it did not cut directly through second zone .
Note
Ping ... Note
... Gave proof through the night [hour] that our flag [4.236] was still there .... Note
4.236 still a fightin Closeup shows the zone to be definitely relevant
Note
Bulls trying to re-establish support zone and boundaries. But upper boundary was pierced after an exact rejection. Not a good sign for bulls..
Note
Note
Bulls have made it back to the previous support zone above, but now it might become resistance. The two zones may well trap the price for a while, which could then break out of either side with force. Note
valiant bulls piercing thru an important zone Note
ETH 1 min chart lol, but sings of possible temp bottom. 1.618 extension a common ABC retrace Note
so back in EHT 1 min microscope, looks to be at an important price Note
TH bulls got some help from BTC buyers, and were able to break out of the green Fib zones Closer inspection shows a near perfect 4.236 wave. Now trapped under the 3.618. Bulls need to hold at least the 2.618 to keep the local uptrend going.
.
Note
bulls need to right here and right now Note
ETH bulls: nice! 136 still looks probable 
the Golden Ratio is my Religion
the Trading View is my Nation
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the Trading View is my Nation
the Moderator Tag is my Flag
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the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.