NewMexCapital

What if the double bottom doesn't hold?

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Where can you buy ETH again if it creates a new low? In this case we believe that the bottom could be somewhere between 151 and 135 (with accent on 135). There are three exact prices at which we can place orders: 151, 144 and 135, they are only based on fib relationships which we consider to be far more important than classical support and resistance levels.
Comment:

This pattern suggests that the double bottom will not hold. Every time ETH closed under the 55 MA it dumped hard but not randomly. -38%, -63%, -35%, -67%. Now the price is at -25% and if it breaks the trendline it could easily reach its target of -30+% and it would fall right into our buying orders.
Been calling for a drop from the ascending triangle for a month now. In this chart I do an analysis on where the BTC bottom will be.

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