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 , 371 on Jul 30th as a perfect target for this wave.
At the moment Ethereum is facing major resistance at 320.
If ETH is able to break through this level, 371 would be a very viable target.
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 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!
⇅ DepthHouse Trading System is now live! see more information at: