Going to have to monitor this situation as it progresses from here. ETH could be leading the way again.
If you're late to the party, there's still time to get caught up with the play. While everyone thinks the floor is going to fall out, we're going to get a damn close full retrace, then we're going to cause a bit of FOMO before the final descent into the final accumulation zone.
Targets are the corrective fib levels from the move downward. Strong volume.
Nuls breaks out of its channel it had been in since November, on high volume hitting the channel target almost immediately.
With a 4hr close below this level, I expect a further decline in this pair. Currently sitting at the .618 fib level, but I'm thinking we might need to drop down to the .786 @ approx. $2.58usdt level before resumption as you can see buy pressure is still increasing.
If GNT is set to increase, we first need a close above .00001829btc which is our Daily Pivot. ONLY then, could we make our way to T1 & T2 on the charts. Eyez on btc.
Keep your eyes on the king. Until it drops (btc), the uptrend here continues.
Watch for a break above the resistance of the wedge @ approx. $130.00.
While everyone is still adamant about looking below and setting up their shorts, we've just closed a 4hr above the pivot point. Daily, we're looking at $3704 as the magic number to close above, before we can see the door open to more gains above.
As you can see, tradingview is obsessed with being greedy and insistent we're heading lower. If they were following the correct fractals they'd know better. While everyone is still looking down, I turn your attention to the number $123.33 on the Daily. That is ETH daily pivot, and a close above will easily send us up to test the 165 area. And I DO expect it to happen.
Just noticed this actually, not really sure what to do with it. I would assume same technical idea perhaps? RSI is going down soon based on a descending triangle. Perhaps a wedge?
I'm thinking the ascending broadening wedge is going to be bullish enough to push us through 120, up until the 125 vicinity to our approx. neckline of the potential IH&S. with a target of 150ish. I wouldn't be surprised to catch the 50ema support for a little bit in the bigger picture on the daily as we test the top of the downtrend channel again. Ultimately,...
Take a good look at ETH on the monthly chart. This spot that I have marked off here, indicates the likely place for an ETH bottom in my opinion. A major move up, with major resistance, spend a month in between, then a major move upward using it as support. See you there. :)
As you can see by the linear regression, we could fall as low as approx. $60 and still be perfectly ok. It does not mean that we have to fall to $60, it is simply just something to acknowledge as a potential outcome, if only a wick. Can't rule anything out anymore around here. From the volume profile we can see that $100 is relatively untested, and I honestly...
I don't always flip my charts upside down, but when I do....it's because I can't see clearly what is going on. It also offers a great different perspective.