A close (at least 15min) below 1998 (.618 fib) could bring ETH to its current micro tf bearish pennant measured move at 1840, which also correspond to 2.618 fib extension. (sorry i realized that my 0 fib is a bit too low right now, 2.618 should bring us to 1840.)
Rising wedge was formed in 15m a while ago. We're not at the 3rd touch of the bottom, which often means breakout.
Target for this wedge would be .618 fib = 33900 ish (I would TP @ 34k to keep it safe).
Now retesting the bottom of the wedge (channel).
If breakout over resistance, then we can aim for -618 fib (which is also the lenght from the latest dip lowest wick to the actual ATH).
That would lead us to 51 000.
If it does the opposite and exit below support, then anything is possible to 618fib retracement = 22 500.
This is just for fun, not an financial advice by any means.
Happy trading, be safe with...
If BTC breaks actual support, my first target is the previous support of 31 300$
I'll wait for the breakout and retest before taking position:
SL: 36 500
TP: 31 400
I have a second target, much lower, I will update this topic soon.
Happy trading! XD
1st one = 1344$ (triangle height) - red vertical line
2nd one = 1440$ (uptrend lenght) - blue vertical line
This isn't an advice, just sharing what I think might happen based on what I know so far.
Have a great one! XD
If the second bottom close over the neckline = bullish. If it closes lower (as its right now) = bearish.
still in building phase, things are getting interesting.
If BTC drops, I aim for 618 fib (21 500) to buy the dip.
If it goes up, then everything is possible.
Happy trading (but be careful) XD