On the weekly chart we sawaa pull back to the 87.5 level. Stopping volume halted the decline from November through December, producing a buy pivot
at this fib level. Daily chart shows to prominent buy pivots for a good entry. The price should get to a least the 50% weekly fib, which is the 10835 level, the weekly POC (point of control).
Buy pivot on the weekly chart is good indication that we should see higher prices for Ethereum.
The has also entered a demand zone(where price exploded out of a range back in May 2018). May a run to safety away from the volatility of the Equity markets.
Price has also closed above the cloud on the daily chart, which is also a
good sign for to long for long...
Volume picked up over the last few weeks. Price is below the cloud which is still bearish in nature
The cloud extension is widening, pointing to possible volatile moment in price in coming week.
Weekly support zones(marked in green) are targets area to determine price reacts to these zones.
For now its wait and see.
A quick retracement after profit taking by the bulls. Successful tested the demand area at 530 with good stopping volume at the the 61.8% (38.2%) Fib level. Buyers are present! This gives a target of 833 which lines up with the supply area at this handle. Technically obedient which is nice to see.
First target of 690 has been reached. No signs of volume climatic volume, signaling sellers are not present. If price can get above this level and retest this area successfully, next supply level is the 826 handle. Stop loss move to 680 level so to lock in profits.
BTCUSD - Possible new target below 5216 is the 2400 handle. Calculated using a fib projection form the previous bounce. I haven't seen any selling climax yet to indicate a reversal. 2400 level looks like a good buying opportunity if buyers turn at this level.
BTCUSD is in the last phase before a further move down. If the price cannot get above the ICE, the price will fall further. See the Attached YouTube video on distribution to explain the concept.