I sketched out where I think the price will be going.
It's starting to look like the $165 support is turning into resistance and we will drop down to $157 for support.
After coming off that, it will take some time to regain what was lost or it may happen very quickly.
But main point is, the price will drop like $10 before heading back up which is normal.
If we can get back to $170-$180 soon then we can easily reach $200 by April 24th which is the date we should expect a break out.
It the trend is followed then it should be possible. If it is not, it may take longer?
Check your charts at the end of the day to see whether it closed lower or higher.
Yesterday it closed below the support trendline that was drawn a few days ago.
Signs that would've told me that the price was going to drop:
-$180 was not turning into a support, it was major resistance.
-The RSI has been in the overbought region for a long time, it needs to go...
If BTC can get past $5260 then the next stop is $5500, and then it gets a bit easier from there
Starting off the morning pretty strong, I wonder if it will be able to keep up
ETH has hit some strong resistance at $180 and has started going down.
Using Fibonacci retracement, the lowest strong support is at $155 above 0.5.
We'll try to surpass $180 at a later date
We have gained around 32% over the past week and I think we're overdue for a correction at $160.
But after that we if we gain the support of $180, then $200 shouldn't be too far to get out of the hole that we've been for the last 6 months.
RSI - Past 70 = overbought, price should go down soon
This pattern looks like a rising wedge which is bearish
Local support at $157, watch for whether it remains supported, if not, expect a larger price drop
Local resistance at $167, if this is supported there might be more gains not really sure though
Looking at the moving averages converge before the break 2 days ago, the blue line is still on top and if this continues we may see more gains.
Don't know how long or how high, I'm no expert sadly :(
Actually the cycles follow:
1. 21 days
2. 16 days
3. 12 days
From the bottom and beginning to the top and end. (Before it drops off again)
With this logic applied, we should expect price to top out on April 7th.
The prices will range from 0.618 to 0.382 like the other cycles.
0.382 - Resistance
0.5 - Light Support
0.618 - Major Support
I would buy...
Actually the cycles follow:
1. 21 days
2. 16 days
3. 12 days
From the bottom and beginning to the top and end. (Before it drops off again)
With this logic applied, we should expect price to top out on April 7th.
The prices will range from 0.618 to 0.382 like the other cycles.
0.382 - Resistance
0.5 - Light Support
0.618 - Major Support
I would buy back when...
I think we can expect prices to go back down to $144-147.
According to Fib Retrace, the past cycles ended up around 0.5 and 0.382 so we can expect this to follow the same pattern.
Now would be a bad time to buy as resistance at $160 proved too much to overcome. It would be better to buy after price drops $10.
April 6th - Break through resistance trend line at $140 potentially.
ETH at or above $140 would be a great move for support.
ETH moving below $140 means that it still has much resistance to overcome.
Now, let us see the outcome in 5 days :)
