ETH Rejected by the 0.382 Fib Fan Resist
I am analyzing the daily here, so I will focus on a large price range and explain what I will be looking for to guide me in the upcoming days/weeks. I will only talk about the Fib Speed Resist and some simple support ranges and levels that I quickly added, so they are not extremely precise, but the ranges are fine. I just wanted to share the Fib lines publicly because they always fascinate me.
Here I highlighted the areas along the 0.382 Fib speed resist line, which acted as resistance on the way up to the ATH, and areas that acted as support on the way down. We found ourselves fighting this same line during the recent rally. The resistance of this line and the 4k area, among other things, has led to a massive rejection causing uncertainty in the market today. I will become more bearish if the market doesn't make a strong bullish move to the upside in the next 24 hours. If we don't see a nice recovery in the next day or two, all we can do is hold on for the ride. If the 2.9-3.3k support area is broken, I would look for support in the low 2.6ks or somewhere along the 0.5 Fib resist line highlighted in the rectangle. Last, if that support fails to hold, we could easily see the 1.7-1.8k area tested again. For the bulls reading this, if we see continuing attempts to break the resistance of the 0.382 Fib and hold above the 0.5 Fib as we saw in Nov/Dec of last year (also highlighted), we will be well on our way to some juicy gains for ETH.
Good Luck! I wish a prosperous future for you all.
Here I highlighted the areas along the 0.382 Fib speed resist line, which acted as resistance on the way up to the ATH, and areas that acted as support on the way down. We found ourselves fighting this same line during the recent rally. The resistance of this line and the 4k area, among other things, has led to a massive rejection causing uncertainty in the market today. I will become more bearish if the market doesn't make a strong bullish move to the upside in the next 24 hours. If we don't see a nice recovery in the next day or two, all we can do is hold on for the ride. If the 2.9-3.3k support area is broken, I would look for support in the low 2.6ks or somewhere along the 0.5 Fib resist line highlighted in the rectangle. Last, if that support fails to hold, we could easily see the 1.7-1.8k area tested again. For the bulls reading this, if we see continuing attempts to break the resistance of the 0.382 Fib and hold above the 0.5 Fib as we saw in Nov/Dec of last year (also highlighted), we will be well on our way to some juicy gains for ETH.
Good Luck! I wish a prosperous future for you all.