Hello everyone,
Hope all is well. Thought I would expand on the topics yesterday by looking at the daily perspective of ETH/USD. As I am looking wide and starting to hone in. The recent uptick causes excitement for some life. It is important to layout what is ahead of ETH. Where are the decision points for smart money. To help people plan on important price point battles on either direction.
What did I do:
1. Drew horizontal rays for resistances/supports from December 11th, 2018 and on.
2. Drew a Fibonacci retracement from the lowest support to the highest resistance. (80->363)
Setting:
• December 11, 2018, with a low of $80 (support)
• June 26th, 2019, with high of $363 (resistance)
• February 15, 2019 with high of $289 (resistance)
• March 14, 2020, with low of $88 (support)
Test:
The first test I believe is a battle at $289 from previous history. This is an important point because a reaction at this level is important immediately.
Ideals:
Bullish Idea: Healthy jump over $289 into the $3## would help us turn this resistance into support. Preparing for the next big jump.
Bearish Idea: Rejection at this level would cause a retest in the $25# range and then $22#. Smart money will test the floors to see how solid its support is.
Hope all is well. Thought I would expand on the topics yesterday by looking at the daily perspective of ETH/USD. As I am looking wide and starting to hone in. The recent uptick causes excitement for some life. It is important to layout what is ahead of ETH. Where are the decision points for smart money. To help people plan on important price point battles on either direction.
What did I do:
1. Drew horizontal rays for resistances/supports from December 11th, 2018 and on.
2. Drew a Fibonacci retracement from the lowest support to the highest resistance. (80->363)
Setting:
• December 11, 2018, with a low of $80 (support)
• June 26th, 2019, with high of $363 (resistance)
• February 15, 2019 with high of $289 (resistance)
• March 14, 2020, with low of $88 (support)
Test:
The first test I believe is a battle at $289 from previous history. This is an important point because a reaction at this level is important immediately.
Ideals:
Bullish Idea: Healthy jump over $289 into the $3## would help us turn this resistance into support. Preparing for the next big jump.
Bearish Idea: Rejection at this level would cause a retest in the $25# range and then $22#. Smart money will test the floors to see how solid its support is.