Based on Dow Theory analysis and my own studying of how the bottoms are formed AND the sentiment of the r/ethtrader community (which is by far the easiest way to gauge sentiment of the majority of ETH userbase) I believe that we are nearing another local (or global) bottom, and I expect the price to shoot up at least $80+ upwards from one of these levels (they are based on Fibbonacci extension (blue dotted lines) of the latest major price move and the previous relatively strong supports in the past (green lines).
Also, do not forget about the usual round numbers supports like 150, 125.
Good luck and huge profits!
I myself will close my short at 173.21 and open a small long and also have set up limit buy orders above all those support levels indicated in this idea. For those of you who have no position currently I'd not advise to open a short, as it's too late. Also, I will recommend all those who have a long to close that long ASAP. To those who will try to TIME the bottom in real time, I'd advise to set up limit buy orders at these levels ahead, because the market is very violent and volatile at the strong bottoms, it will be almost impossible to manually market order time to bottom.
Also, do not forget about the usual round numbers supports like 150, 125.
Good luck and huge profits!
I myself will close my short at 173.21 and open a small long and also have set up limit buy orders above all those support levels indicated in this idea. For those of you who have no position currently I'd not advise to open a short, as it's too late. Also, I will recommend all those who have a long to close that long ASAP. To those who will try to TIME the bottom in real time, I'd advise to set up limit buy orders at these levels ahead, because the market is very violent and volatile at the strong bottoms, it will be almost impossible to manually market order time to bottom.
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OK, I have no idea why this happens again, but again the graph here (extremely zoomed in horizontally) is not how it looked like when I pressed publish. You can use the option called "make it mine" to make this graph editable and then zoom in/out to see it clearly. Sorry for the inconvenience.
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Here is a better view:
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Comment: Just came up ( I know it's obvious but hey, I've never used it effectively before) with idea:
Alternative plan to close the short and open long: I believe this is the perfect time to use a trailing stop on BitFinex. Please calculate your trail distance yourself. I will use something like 7-8 USD but that is because I can cancel those stops when I see a slow-moving pullback to not get triggered prematurely. This way I don't have to close my short at 172 and let the profits run.
Alternative plan to close the short and open long: I believe this is the perfect time to use a trailing stop on BitFinex. Please calculate your trail distance yourself. I will use something like 7-8 USD but that is because I can cancel those stops when I see a slow-moving pullback to not get triggered prematurely. This way I don't have to close my short at 172 and let the profits run.
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My friend who is a bit of a noob still drew this channel on his iPhone like 2-3 days ago and today my financial advisor redrew it in higher quality on a computer.
It is very very likely they are correct and the bottom is when we touch this channel's support.
My friend who is a bit of a noob still drew this channel on his iPhone like 2-3 days ago and today my financial advisor redrew it in higher quality on a computer.
It is very very likely they are correct and the bottom is when we touch this channel's support.
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2nd bottom here we go. Target 110-137 (but could be slightly lower)