Ethereum is heading back to 83.xx range and will be there by February 18th, but I anticipate February 12/13. The chart is pretty clear and my last analysis was on point RE wave count/fib points/trend (see my only other idea here).
There is an assortment of lines and fibs on this chart that looking like dribble, but they were left there for various purposes that will be explained in detail.
First, the green line is the overall market cycle trend line (the "Major trendline"). The Major trendline only comes into effect on Wave C after Feb 12th, but if you think going long here is a good idea then see what the upside would be by drawing a line straight up (90* angle line to the Major trendline) from today's price/date to the green line and you would be at 133sh. You are looking at approx. 25% if you time the high from today, but I see no reversal indicators at this point so you would really be gambling (not worth the risk/reward imo but to each his own).
Second, the orange line above the C is used to indicate the trendline from the top of wave B (the "Minor trendline"). The latest drop was the third point on this line so it's confirmed. This line will come into play in the rejection of minor C, minor 2 and minor 4. It is also the maximum time period to double bottom, Feb 18th, provided no breakthrough events. The blue line was an established trendline and formed a pivot point when it coincided with the Minor trendline; I believe this set off the large spike down for this wave 3.
Third, the other two trendlines will form support resistance in this downtrend and will be pivot points at the their intersection with the Minor trendline. These pivots points are further supported by fibs on the left and fibs that have been removed.
As of now, there are no indicators indicating a reversal in trend (not shown on chart except trendlines).
Anticipation: The double bottom will be formed with an ending diagonal in between the most recent bottom trendline and the Minor trendline to complete Wave B and start Wave C going back up.
I have no views one way or the other at this time regarding breaking the Major trendline as that would be 2+ months out and a lot can change.
There is an assortment of lines and fibs on this chart that looking like dribble, but they were left there for various purposes that will be explained in detail.
First, the green line is the overall market cycle trend line (the "Major trendline"). The Major trendline only comes into effect on Wave C after Feb 12th, but if you think going long here is a good idea then see what the upside would be by drawing a line straight up (90* angle line to the Major trendline) from today's price/date to the green line and you would be at 133sh. You are looking at approx. 25% if you time the high from today, but I see no reversal indicators at this point so you would really be gambling (not worth the risk/reward imo but to each his own).
Second, the orange line above the C is used to indicate the trendline from the top of wave B (the "Minor trendline"). The latest drop was the third point on this line so it's confirmed. This line will come into play in the rejection of minor C, minor 2 and minor 4. It is also the maximum time period to double bottom, Feb 18th, provided no breakthrough events. The blue line was an established trendline and formed a pivot point when it coincided with the Minor trendline; I believe this set off the large spike down for this wave 3.
Third, the other two trendlines will form support resistance in this downtrend and will be pivot points at the their intersection with the Minor trendline. These pivots points are further supported by fibs on the left and fibs that have been removed.
As of now, there are no indicators indicating a reversal in trend (not shown on chart except trendlines).
Anticipation: The double bottom will be formed with an ending diagonal in between the most recent bottom trendline and the Minor trendline to complete Wave B and start Wave C going back up.
I have no views one way or the other at this time regarding breaking the Major trendline as that would be 2+ months out and a lot can change.
Comment:
Don't get caught buying in now....
