This analysis above entirely based on time based fib extensions and trend based extensions.
Time based and trend based extensions use historical data to plot Fibonacci Levels rather than traditional Fibonacci levels which are just percent levels between two points. Both are extremely useful however I have found trend based levels to be more helpful in a trending market.
The chart below shows how these levels were created:
As you can see, the .618 levels marked as a perfect intermittent target which was hit successfully.
Continuing this method of analysis, mixed with a few major trend lines, 371 on Jul 30th as a perfect target for this wave.
At the moment Ethereum is facing major trend line resistance at 320.
If ETH is able to break through this level, 371 would be a very viable target.
My Plan:
Mixing this exact method with additional Fibonacci fractals, the ideal entry point for this move would be 285.
Therefore I am keeping myself from entering a large long position until the 320 trend line is broken OR Ethereum retraces back to the 285 level and finds support before July 30th.
We already have one perfect target. Lets see if we can get another!
I hope you all found this analysis interesting and maybe even helpful.
I wish you all the best of luck!
Time based and trend based extensions use historical data to plot Fibonacci Levels rather than traditional Fibonacci levels which are just percent levels between two points. Both are extremely useful however I have found trend based levels to be more helpful in a trending market.
The chart below shows how these levels were created:
As you can see, the .618 levels marked as a perfect intermittent target which was hit successfully.
Continuing this method of analysis, mixed with a few major trend lines, 371 on Jul 30th as a perfect target for this wave.
At the moment Ethereum is facing major trend line resistance at 320.
If ETH is able to break through this level, 371 would be a very viable target.
My Plan:
Mixing this exact method with additional Fibonacci fractals, the ideal entry point for this move would be 285.
Therefore I am keeping myself from entering a large long position until the 320 trend line is broken OR Ethereum retraces back to the 285 level and finds support before July 30th.
We already have one perfect target. Lets see if we can get another!
I hope you all found this analysis interesting and maybe even helpful.
I wish you all the best of luck!
Trade active:
Just got filled at 285
Creator of DepthHouse Indicators on TradingView!
↣ depthhouse.com/
↣ depthhouse.com/
