With a 4hr close below this level, I expect a further decline in this pair. Currently sitting at the .618 fib level, but I'm thinking we might need to drop down to the .786 @ approx. $2.58usdt level before resumption as you can see buy pressure is still increasing.
As you can see, tradingview is obsessed with being greedy and insistent we're heading lower. If they were following the correct fractals they'd know better.
While everyone is still looking down, I turn your attention to the number $123.33 on the Daily. That is ETH daily pivot, and a close above will easily send us up to test the 165 area. And I DO expect it to happen.
While everyone is still adamant about looking below and setting up their shorts, we've just closed a 4hr above the pivot point. Daily, we're looking at $3704 as the magic number to close above, before we can see the door open to more gains above.
I'm thinking the ascending broadening wedge is going to be bullish enough to push us through 120, up until the 125 vicinity to our approx. neckline of the potential IH&S. with a target of 150ish.
I wouldn't be surprised to catch the 50ema support for a little bit in the bigger picture on the daily as we test the top of the downtrend channel again. Ultimately,...
Take a good look at ETH on the monthly chart. This spot that I have marked off here, indicates the likely place for an ETH bottom in my opinion. A major move up, with major resistance, spend a month in between, then a major move upward using it as support.
See you there.
As you can see by the linear regression, we could fall as low as approx. $60 and still be perfectly ok. It does not mean that we have to fall to $60, it is simply just something to acknowledge as a potential outcome, if only a wick. Can't rule anything out anymore around here.
From the volume profile we can see that $100 is relatively untested, and I honestly...