The horizontal lines are the Fib Based Extension. Expected resistance at $800 pushed us down a little. $3300 by June?
"you know nothing Jon Snow"
It feels like this summer is going to be a powerful bullrun for Ether. Banks filing crypto patents, institutions opening trading desks, scaling, Dapp rollouts... the new internet hype will create FOMO like the world...
Bounced perfectly off .618 fib level at $714. Retrace to $526 very reasonable, would maintain upswing. If $526 breaks the bottom trend line provides strong support around $430.
Consolidation between $714 and $526 until mid June is very possible - I am rooting for this to build a long term bull base.
Where as BUY UNDER $400 was the previous approach... buy...
Long term trend lines held with a doji reversal candle on the daily after a dip to $640, lovin it.
LOOKS like the bear run has done its worst with help from "regulation news". This technology will not disappear so get in while the getting is good and thank yourself when you are a part of the new world economy.
Best,
The Oracle
ETH hovering around the 50% retracement from $285 to ATH. Consolidation/winding up for a move higher.
Need to break the recent down trend line for breakout.
Lets ride!
Side by side look at recent run-up/fib retracements with the last run-retracements. Dips matchup to similiar fib levels. Long term trend line held so far.
I remain buillish on ETH, had previously recomended buyback under $1000 if you day trade, we hit that today.
$1212 level looks to be serious overhead resistance. Bumped into it three times before the last...
ETH breaks short term wedge line after hitting the longer term top channel. Watch the $992 level closely for support - combination of long term trend channel bottom and long term fib retracement level from $300.
I dont trade intra-day, but if I did... would sell near term and buy back under $1000.
tightly wound ETH chart. Holding nicely in the wedge set up. reminds me of the wind up before the last leg up at $700 levels before the big breakout to $1400.
Consolidation at this level is a great thing long term, should be an exciting weekend/week. I expect breakout to the upside with $1100ish major resistance. If we get through that I am looking for new ATH.
