We can see that ethereum has stepped out of two large wave after January 18, the former rapid, the latter slow!
At present, the downward trend of the second big cycle is near the end, and the form constructed under the state of shock and fall is relatively clear, and the form converges, and the break is coming! In addition, the area of 140-190 is an important support for the weekly level of the entire downward trend, and the morphological contraction is also concentrated at that level. Pairwise resonance expects this wave of decline to reverse in this line!
In these two days, the rise of shanzhai currency and some mainstream currencies is sharp, ETH is also in the downward trend line around the suppression, there are signs of breaking up, once breaking that down trend will be reversed! The centerline layout can be configured a bit. Analyze the diagram.
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A reversal does not necessarily mean a big reversal. On the one hand, it is possible to get into a wider shock of a larger cycle and continue to fall.
But as long as this pattern breaks through, even if it falls into a larger cycle of oscillations, the magnitude is very, very, very wide, not going to go the big rally in April, go half way, right? In addition, it needs to be judged from the time period
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Daily downtrend line: the key resistance area to reverse the downtrend ($230), the price has broken, but this does not mean that the rise of yiping, yitai fang characteristics like the foreign exchange in Europe and the United States, "stable"!
The fall from July 18 to September 12 is the same period of decline, so we can see the following resistance. 1 resistance $300: Fibonacci retractions of 0.382 resistance price 2. Resistance area $341-382: resistance prices of Fibonacci retractions of 0.5 and 0.618, respectively, are the early horizontal support resistance levels of the weekly and daily lines, so only the first rally target area is generally upward.
And then you look at the resistance in that region and you figure out what's going to happen, but the resistance between 341 and 382 is going to be a big pullback.
@ReadBTC, I mean it could be a little cow, not a big cow! Temporarily defined only as a "" rally" "at the monthly line level, there is now no much incremental funding entry, no foundation for a big bull market...
ReadBTC
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@lufan, We appreciate the approach!
Many would agree that once the "foundation for a big bull market" is found, the train might be missed.
Either way, enjoy the waves! :)
Trader-LuYao
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@ReadBTC, It's true that the big trends are reversed by small trends. Enjoy the waves first, but keep an eye on the big tides.
Thank you for your reply.
tommix
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And when do people learn to make good charts not some 3000 markers and lines on 800px area.
Trader-LuYao
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@tommix, Sorry, this is my style, if you don't like it, you can choose to ignore it, or block me! I'm not a dollar. I can't please everyone.