Look for a bounce to take us above $200

COINBASE:ETHUSD   Ethereum / U.S. Dollar
Ethereum took a nice hefty correction after scorching higher all weekend.

I expect support here in the 140-130 area which has both structure support and is 50% retrace of the high-to-highs move. The Fibonacci implies targets of at least $200. If we get a similar sized move as the last one we easily make it to $227 area. How long this takes is anybodies guess. I suspect somewhere in the next 10-days but with all the bullishness behind crypto these days it might take less than 10 hours.

Comment: I should note that if we get a similar move on a highs-to-highs basis we have targets as high as $270

Comment: 200 was barely breached. Pulling back to refuel for the move higher.

Rsi levels are extremely high and over bought , what's your thoughts on current levels ?
Once we hit the target area of about 250, where do you predict the pullback will be to another buy zone ?
Do you see any sign of amother pullback if the price cant stay above the 150ish terrain
MeasuredMove simonklasz
@simonklasz, Possible we ping-pong between prior highs in the 180s and the buy area in 140-130 area before heading to the target levels higher. Buyers are being aggressive though so I would not hold my breath.
simonklasz MeasuredMove
@MeasuredMove, I agree with that for sure . Wish I would of caught the bottom of that dip . Still nailed a decent entry . I'm traveling this weekend and won't be able to do any trading so hoping that leaving half my position will hit $200 this weekend . What are your thoughts ?
MeasuredMove simonklasz
@simonklasz, Seems good to me.
simonklasz MeasuredMove
@MeasuredMove, what are your thoughts about tonight into tomorrow , volume seems solid
simonklasz simonklasz
@simonklasz, what are your current thoughts with the way price has responded to the trend ?
MeasuredMove simonklasz
@simonklasz, Buyers are looking solid. Could see 200 by this evening. Will have to see how buyers/sellers respond at the highs.
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