Quick post as ETH heads to a very important level. Plotted is a Fib series from the secondary $800 peak. It has RULED the ether waves ever since, to be tested.
Tantalizing is the Wide Open Space just above $216.39. As seen on chart, price moves quickly up to the next fib. After such a run now, does it have fuel to hit high orbit?
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Moment of Truth:
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Nice Ping on our key level Lets see if it holds. BTC on rampage, another push by the King should give ETH the wind in sails to reach that next fib above around $271
Zoomed IN and a fib on the last small leg down we see that original purple 5.236 was not quite touched, the new blue 2.236 ran interference.
The bounce overall is not looking quite as promising as it had, but if gets back above the blue 1.618 and then Pings it from above that would be a great sign.
Would this be a time you enter the trade? And if so where would you place the Stop Loss?
EuroMotif
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@RTurner090, yeah, or at least it was the time when it pinged that fib.
The stop would ofc be under that fib, with a little room, like $209.89 would be my sl.
Enteright now at 220 might be too much risk in SL distance, but if a near bounce happens again.....
EuroMotif
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@EuroMotif, or could buy $219 and set super tight sl at $214.89
RTurner090
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@EuroMotif, Great. I got in around 217.43 so I think a SL under the fib would be a good place. It looks very much overextended, but this is crypto and another push up would not be too surprising.
EuroMotif
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@RTurner090, nice! another push is very plausible.
and ETH was a laggard on last push so maybe next time it will keep up or exceed
trytofeelpositive
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hi bro,very good and interesting chart
share my analysis with u