As the crypto descent continues, this chart has more of my attention than anything else right now. First published on Oct. 29 (linked), price was around $200 at the time and I thought a %50 drop to $100 was unlikely. But with the recent carnage and current price of $125, this setup is very much in play.
Expecting a final down wave to test below $100. I'll be looking to get fully long there, not just ETH but all cryptos I like. As mentioned on Oct. 29, the red trendline is a final line in the sand. If we get consistent closes and steady price action below this line I'll consider that as a sign that fundamentals and the crypto space overall is actually deteriorating and will need to liquidate all crypto holdings.
Expecting a final down wave to test below $100. I'll be looking to get fully long there, not just ETH but all cryptos I like. As mentioned on Oct. 29, the red trendline is a final line in the sand. If we get consistent closes and steady price action below this line I'll consider that as a sign that fundamentals and the crypto space overall is actually deteriorating and will need to liquidate all crypto holdings.
Comment:
Price barely tested my reversal zone over the weekend, as there were only a few exchanges that ETHUSD traded below $100. I expect a further more vigorous test of my green zone. Keep in mind that in this case both the trendline and target zone of 94.39 aren't super precise - just a slight shifting of the trendline which runs from last November can change it's current location. Ideally I'd like to see a brief dip into the 90's and even 80's very soon, quickly followed by closes back above the trendline. I definitely do not want to see price consolidate into another low-volatility sideways chop pattern for days down here.
