Ethereum, 16 Nov. Fibonacci Time to Perfection… again.
The idea to take profits when ETH moves out of the pitchfork was successful. But there was another hint: Fibonacci time. The scale (blue vertical lines) are the Fibonacci extensions from the previous wave on the time axis. Each Fib coincided with a local top or reversal. The next one is 29 November.
Elliott:
We can count an ABC pattern (in blue). Alternatively wave (a) can be a leading diagonal and wave (c) can be a wave (iii). This would be the bearish scenario. Bitcoin currently supports the bullish idea, but we need further confirmation.
Gann:
Support: Median between two levels at 4141, and 3655
Resistance: 4674
Geometry:
ETH is at the 3 Fib extension of the pitchfork (red diagonal line) and the .236 fib of the previous wave (blue box: .236 to .382), a potential reversal zone.
How I trade it:
The levels marked with BTO (buy to open) give us an interesting risk-reward ratio to scale back into long exposure. The idea is that the ABC correction is complete and we want to participate in the next move to the upside. The idea is invalidated if price reverses again into a 5th wave to the downside.
Elliott:
We can count an ABC pattern (in blue). Alternatively wave (a) can be a leading diagonal and wave (c) can be a wave (iii). This would be the bearish scenario. Bitcoin currently supports the bullish idea, but we need further confirmation.
Gann:
Support: Median between two levels at 4141, and 3655
Resistance: 4674
Geometry:
ETH is at the 3 Fib extension of the pitchfork (red diagonal line) and the .236 fib of the previous wave (blue box: .236 to .382), a potential reversal zone.
How I trade it:
The levels marked with BTO (buy to open) give us an interesting risk-reward ratio to scale back into long exposure. The idea is that the ABC correction is complete and we want to participate in the next move to the upside. The idea is invalidated if price reverses again into a 5th wave to the downside.