This is more of an experimental scenario, however there is always a probability this could happen. I just won't be too optimistic at this point since we are bearish at the moment and are still making New structure lows and Lower highs, however if we go to $2,800 and start showing signs of reversal it might be time to buy more for the long-term. This scenario calls...
Targets listed for cycle tops. 30-40k expected bottom before continuation to 200k levels. Halving April 2024.
Judging by the price action we are experiencing with BTC, it looks to be in a triangle formation (Fairly difficult to spot initially) Price should ping pong between the two boundary lines, if we retrace here it will have completed the D leg and E leg will be underway. Based on the room left until the apex of the triangle I believe it will form some sort of...
Accumulation breakout Trade accordingly and use proper risk management parameters.
something something keltner channels something something trendlines something something fair value
Log Analysis (top that was above the channel would be considered a throw-over) - $19,800 top was at the upper boundary of the channel line. Long-term target for retracement: $1900-$3000 (High Probability $2300-$2840 - 85.4-88.6) Fibonacci confluence for this area aswell.
After much consideration, I believe we are in the nd wave of all of ETH's price action (Longest term), with that being said; I also believe we are in a complex correction for wave B of our correction which I have marked end point in red fibonacci. Path has been drawn accordingly, but there are many variables that can take place so I have only drawn it to the end...
61.8% touch for LH retest, add to shorts here with stop just above the previous LH, profit points are marked. Invalidation of bearish move at the previous LH. Invalidation of the long term bullish structure if close in or below the danger zone. Trend still making NSL's so expectation is bearish.