Update from previous idea:
ETH has had a volatile start to the week, we are looking at a different ETH chart as my other one is so messy. like yesterday's analysis there are many scenarios that could play out here. best case scenario is we have just came down and tested support of my pennant here and are now looking for a move back up. we broke out earlier today which looked amazing, we closed the CME gap perfectly before crashing back down then failing a retest as support and breaking back into this formation.
so a break of this support I am expecting a lot of support actually to come in from this first grey box here. this is my golden pocket fib retrace from a large fib, failing this and creating new lows I am then expecting large support to come in at the 4453 level highlighted on my blue line. to be honest I can't see price dropping much lower than this as I think the support here will be very strong.
WORST CASE scenario is we fall past my second blue line at 4380 and meet our final support box, I have a lot of equity placed here as I think if you can get a buy at these levels it will be an amazing long to hold for the long run.
overall, ETH is preparing for a big move and it will probably happen through the night so expect to wake unto a madness. I am really hoping we stay in this formation but at the same time its cheap ETH, can't complain :)
ETH has had a volatile start to the week, we are looking at a different ETH chart as my other one is so messy. like yesterday's analysis there are many scenarios that could play out here. best case scenario is we have just came down and tested support of my pennant here and are now looking for a move back up. we broke out earlier today which looked amazing, we closed the CME gap perfectly before crashing back down then failing a retest as support and breaking back into this formation.
so a break of this support I am expecting a lot of support actually to come in from this first grey box here. this is my golden pocket fib retrace from a large fib, failing this and creating new lows I am then expecting large support to come in at the 4453 level highlighted on my blue line. to be honest I can't see price dropping much lower than this as I think the support here will be very strong.
WORST CASE scenario is we fall past my second blue line at 4380 and meet our final support box, I have a lot of equity placed here as I think if you can get a buy at these levels it will be an amazing long to hold for the long run.
overall, ETH is preparing for a big move and it will probably happen through the night so expect to wake unto a madness. I am really hoping we stay in this formation but at the same time its cheap ETH, can't complain :)
