Clearly we see the 0.618 (predicted level) around $4,100 is the most important level of this trend. Please review these two previous posts regarding this level for more information.
No after a second rejection at this level we are looking for levels of support. Right now, the $3,500 is the most important level to hold. If we lost that level the next major area of support is between $3,200-$3,300. The absolute worst case scenario would be a drop around $2,700-$2,800ish to form the right shoulder of a potential inverse head and shoulders pattern. We have been pointing out this possibility for a while. You can find our previous analysis regarding our H&S pattern here:
Once we start closing candles above the $4,100 level that will be the start of the next major leg for ETH and altcoins.
No after a second rejection at this level we are looking for levels of support. Right now, the $3,500 is the most important level to hold. If we lost that level the next major area of support is between $3,200-$3,300. The absolute worst case scenario would be a drop around $2,700-$2,800ish to form the right shoulder of a potential inverse head and shoulders pattern. We have been pointing out this possibility for a while. You can find our previous analysis regarding our H&S pattern here:
Once we start closing candles above the $4,100 level that will be the start of the next major leg for ETH and altcoins.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.