ETH broke above my ''line in the sand'' at 152.74 per my last posted analysis below.
BUT, I do not think it was ready to break up yet.
Bitcoin spiked on Weiss news and dragged ETH along.
ETH did not rise as much as Bitcoin, and stopped sooner.
Also, the Fib extensions of the spike in Ether were not as powerful.
As a result, we have created some new resistance zones above us.
Thus I think it will come back to test the break out point.
I can image a stop hunt below the 152.74 price point.
Stop hunt may go under 150.00 where many stops will be.
So the first green zone is worth watching, but risky entry.
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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
BUT, I do not think it was ready to break up yet.
Bitcoin spiked on Weiss news and dragged ETH along.
ETH did not rise as much as Bitcoin, and stopped sooner.
Also, the Fib extensions of the spike in Ether were not as powerful.
As a result, we have created some new resistance zones above us.
Thus I think it will come back to test the break out point.
I can image a stop hunt below the 152.74 price point.
Stop hunt may go under 150.00 where many stops will be.
So the first green zone is worth watching, but risky entry.
.
.
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
ETH feeling out this 2.618 down fib Note
Rut Roh, pierced support but might have been a stop hunt .
Note
Maybe have have been a stop hunt, but will need to break and confirm the original resistance at 152.74 to prove it Note
Not good lower support breached again. Looks like 150 next stop Note
Stop hunt below 150? I think so Note
Decent bounce, but needs to HOLD 152.74 Crime LIne Note
ETH bulls trying hard to hold this red 4.236, but not getting much back up Note
ETH has broken about he 152.74 line in sand .
Note
ETH bulls trying hard to hold 152.17 .
Note
This Red Fib still says 144/145 likely Note
Coming into my zone of interest. Watching closely Note
Hmm. Good chance that was the dip, let see if it gets above next band Note
First we have Blue ''Pulse'' fib setting the root increments of price movement On larger scale, we have this Green ''Wave'' Fib defining the larger structures
Next, measuring the move down, we have Red ''Relaxation'' Fib with it own hearbeat
Combining those three Fib sequences, I can map likely support zones
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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.