Whether it can rise above 3831.12-3996.22 is the key
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(ETHUSDT 1D chart)
There are several lines on the chart, but what is important to look at at the current location is whether it can rise above the 3831.12-3996.22 section.
The 3831.12-3996.22 section is a section composed of HA-High and BW(100) indicators, so it can be seen as a high point section.
If it rises above the high point section and maintains the price, it is highly likely to show a stepwise upward trend.
However, if it fails to rise above the high point range or falls above the high point range, there is a possibility that it will form a high point and turn into a downtrend, so caution is required when trading.
Therefore, it is necessary to check the correlation between the high point range (the range consisting of the HA-High, BW(100) indicators) and the M-Signal indicators of the 1M, 1W, and 1D charts to determine whether it is a movement that is turning into a downtrend or creating a pull back pattern.
Since the current high point range and the M-Signal indicator of the 1D chart are close, it can be seen that the possibility of turning into a downtrend is actually increasing.
Therefore, the key is whether it can maintain the price by rising above the high point range (3831.12-3996.22) this time and whether it can be supported near the M-Signal indicator of the 1D chart.
The next volatility period for ETH is around December 16th, so the point to watch is whether the price is maintained above the M-Signal indicator on the 1D chart.
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If it falls below the M-Signal indicator on the 1D chart, it is expected to meet the M-Signal indicator on the 1W chart.
If the HA-Low and BW(0) indicators are generated at this time, it is a meaningful section.
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Have a good time.
Thank you.
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- Big picture
I used TradingView's INDEX chart to check the entire section of BTC.
(BTCUSD 12M chart)
Looking at the big picture, it seems to have been maintaining an upward trend following a pattern since 2015.
In other words, it is a pattern that maintains a 3-year bull market and faces a 1-year bear market.
Accordingly, the bull market is expected to continue until 2025.
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(LOG chart)
Looking at the LOG chart, you can see that the upward trend is decreasing.
Accordingly, the 46K-48K range is expected to be a very important support and resistance range from a long-term perspective.
Therefore, we expect that we will not see prices below 44K-48K in the future.
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The Fibonacci ratio on the left is the Fibonacci ratio of the uptrend that started in 2015.
In other words, it is the Fibonacci ratio of the first wave of the uptrend.
The Fibonacci ratio on the right is the Fibonacci ratio of the uptrend that started in 2019.
Therefore, it is expected that this Fibonacci ratio will be used until 2026.
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No matter what anyone says, the chart has already been created and is already moving.
How to view and respond to this is up to you.
When the ATH is updated, there are no support and resistance points, so the Fibonacci ratio can be used appropriately.
However, although the Fibonacci ratio is useful for chart analysis, it is ambiguous when used as support and resistance.
This is because the user must directly select the important selection points required to create Fibonacci.
Therefore, since it is expressed differently depending on how the user specifies the selection points, it can be useful for chart analysis, but it can be seen as ambiguous when used for trading strategies.
1st : 44234.54
2nd : 61383.23
3rd : 89126.41
101875.70-106275.10 (Overshooting)
4th : 134018.28
151166.97-157451.83 (Overshooting)
5th : 178910.15
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