Crypto_Terminal_Daniel
Short

UPDATE: Ethereum 100% Inline with our Predictions

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
To add to our swath of successful predictions, Ethereum has broken down. As we noted here, ETH was looking very bearish . It has been progressively breaking down through a series of bear flags, crushing levels and sailing through vacuum zones with ease each time. This time appears to be no different, and it has followed our anticipated trajectory (indicated by the blue lines) almost perfectly. It appears we were a bit ambitious with our target of $168. This is a significant level of support and we will almost certainly see some buyback here. Indeed, the psychologically and technically significant level of $200 has proven stronger than we anticipated. It is reasonable to expect some ranging or even a retracement before ETH makes another run for lower levels.

Unfortunately, for Ethereum bulls, there does not seem to be much in the way of hope. It will most likely be a hurdle for ETH to hold current levels, let alone to overcome $225 again. After that, we have more psychologically and technically significant levels including $250 and $300. On the downside, ETH seems complacent with current levels but if there is a significant vacuum zone below and another bear run would take us to our original target of $168.

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Comments

Still same target of 168? bcz it bounced of 192 support. thanks for response in advance.
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@WealthHustler, If bear momentum continues, then yes, there is a vacuum zone to 168. But you're right, ETH seems to be really stubborn in breaking the 200 handle with 192 a hard lower bound. I just don't see any justification for another wave of buying any time soon...
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This is great. I am glad to see I am not the only one following this pattern;

I have a question for you if you are willing to give some advice. I am relatively new to the world of technical analysis, and am only now publicly publishing my trades. One of my weaknesses right now is determining take profit points (like support lines for a short position), how do you find your support and resistance points?
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Crypto_Terminal_Daniel Captainsmugglebutt
@Captainsmugglebutt, Thanks for commenting and for your interest! Tech analysis is awesome, but its an art and a science and takes a while to be proficient at! keep up the good work! As for my levels, I use support and resistance levels on month, day, 4H, and 30M. Also Fibonacci's are one of the most reliable tools. Good luck and feel free to hit me up with any questions!
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