Ethereum Short Term Targets - Given BTC Falls Below 30K
I am not saying that the price MUST go down. This is just a worst case analysis IF BTC breaks below 30K. As the Bollinger Bands are quite contracted, and the red RSI has not fallen below 50 yet, we might not reach orange bollinger band level but certainly touching aqua Bollinger band and the bottom parallel channel is likely.
Our base target was 1260 - which is the median. But that level is too much of a conservative target - because if BTC has a swift correction, then the panic would set in and immediate supports will not hold.
The first target is around 1100, which is the level that I am eyeing for. However, a fall to 980 level is not out of the question, given that it is the channel of our pitchfork, which has reliably held over the years.
Do your own research and trade based on your risk tolerence. Remember, we may or may not drop to these price levels and BTC may or may not drop below 30k. However, given it is all a game of probabilities, I find BTC's potential to have a drop to 27K a greater probability - hence working on the projection for Ethereum if that were to happen.
Peace.
Our base target was 1260 - which is the median. But that level is too much of a conservative target - because if BTC has a swift correction, then the panic would set in and immediate supports will not hold.
The first target is around 1100, which is the level that I am eyeing for. However, a fall to 980 level is not out of the question, given that it is the channel of our pitchfork, which has reliably held over the years.
Do your own research and trade based on your risk tolerence. Remember, we may or may not drop to these price levels and BTC may or may not drop below 30k. However, given it is all a game of probabilities, I find BTC's potential to have a drop to 27K a greater probability - hence working on the projection for Ethereum if that were to happen.
Peace.