ETH do not get rekt
Updated
Hi folks, the whole crypto world has experienced a jolt. That means we see candles in blood color, crying faces and wounded moonboys.
"This is just a little correction, the price will shoot up afterwards, up to the moon, you'll see!" Yes, that may be..may be not.
I'm just saying, the market has taught patience to many people. There are a lot of people on the long side, the social media is going crazy, screaming something about new highs in almost every crypto currency. Beware. That is an environment, in which profitraders start to collect the money from the small hobby traders and moonboys. What is needed now is a concrete, sharp plan that is not based on the opinions of the people from FOMO city.
So see what needs to be done.
The first thing to do is to wait until everything calms down. There will be countless other ways to get started. This will not be the last! We will not take any rash actions. We will keep our hands still on the table. If necessary, you can glue your hands to the desk. Now it is time to wait! It is clear that Ethereum has taken the previous fibonaaci levels very seriously. If you look at these levels, the last movement and older movements in a larger time frame, you will notice that there are duplications in certain zones. One of them is the ellipse drawn. From a chart technical point of view, there is a strong zone of resistance there, which was formed by the previous double bottom. At this point it is very clever to place a first position, not too big. From there, the next move will go at least into the USD 800 range. From there, a new assessment of what is happening follows. A counter-reaction is conceivable from there.
If the price does not fall into the marked zone, but rises directly to 800 USD, I will look for new entries after the reset of 800 USD, starting from there. I will keep you up to date. Act with care.
"This is just a little correction, the price will shoot up afterwards, up to the moon, you'll see!" Yes, that may be..may be not.
I'm just saying, the market has taught patience to many people. There are a lot of people on the long side, the social media is going crazy, screaming something about new highs in almost every crypto currency. Beware. That is an environment, in which profitraders start to collect the money from the small hobby traders and moonboys. What is needed now is a concrete, sharp plan that is not based on the opinions of the people from FOMO city.
So see what needs to be done.
The first thing to do is to wait until everything calms down. There will be countless other ways to get started. This will not be the last! We will not take any rash actions. We will keep our hands still on the table. If necessary, you can glue your hands to the desk. Now it is time to wait! It is clear that Ethereum has taken the previous fibonaaci levels very seriously. If you look at these levels, the last movement and older movements in a larger time frame, you will notice that there are duplications in certain zones. One of them is the ellipse drawn. From a chart technical point of view, there is a strong zone of resistance there, which was formed by the previous double bottom. At this point it is very clever to place a first position, not too big. From there, the next move will go at least into the USD 800 range. From there, a new assessment of what is happening follows. A counter-reaction is conceivable from there.
If the price does not fall into the marked zone, but rises directly to 800 USD, I will look for new entries after the reset of 800 USD, starting from there. I will keep you up to date. Act with care.
Note
Hello friends,
just in time for Santa Claus, I give you the next perfect analysis today, since you have polished your shoes diligently.
To recall the past analysis once again. The working thesis was that Ethereum needs a break from the rush for now. The predicted correction should go to one of the two zones. We reached the first zone (A) with pinpoint accuracy and made a move to the annual all-time high (B). This correction is particularly interesting because it takes into account the 38er retracement of the movement from the all-time high in 2018 to the low in the same year.
The current situation is as follows. Those who have followed my analysis and kept their hands steady will now get their money's worth. The same region was tried to break through 3 times. You can see this in point B by the ellipses drawn in. If a course does not manage to break through the hurdle 3 times, there is a countermovement. This is as certain as the Moonboys' call for Lambos when Bitcoin rises by 10%. What happens now? Ethereum is in a bearish trend channel and offers the possibility of the next entry. As soon as the price rises above the ellipses, the target at the region is USD 800. I will place a stop buy order in the region of 625 USD.
The second scenario is a deeper correction into the area of point A, when the trend line is broken. From here, the situation must then be revalued. Good luck!
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