Where's Ethereum going? $280 or rejection at the .618 fib level?
Updated
So, as per our other analysis based on this parabolic curve we can see several indicators on the chart to show us where it could go to.
There are 2 fib retracement indicators shown, a larger one from June 26 to Dec 18 and a smaller one from Oct 26 to Dec 18. Looking at the larger one firstly we can see the bear cycle .618 fib level is at the rectangle blue box area at $281.65 . Secondly we can see at this same area is the 1.618 fib level of the smaller fib retracement indicator.
If you zoom out the purple line crossing this same area will also act as resistance at around $280.
We are also trading above the Gaussian Channel which is positive unless it's a false breakout.
Don't throw all the chips in yet though, first of all let's break the MA200 and the current .618 fib level we are at.
If it crosses these hurdles it may well go the same way as BSV and ETC. If so, the $280 area with the blue box is the target. If it rejects at this fib level which is a lesser chance imo due to the current bullishness in every alt market, I will close the long at a loss and move on to the next one.
Where do you think Ethereum is heading?
Happy trading legends!
HTBB
There are 2 fib retracement indicators shown, a larger one from June 26 to Dec 18 and a smaller one from Oct 26 to Dec 18. Looking at the larger one firstly we can see the bear cycle .618 fib level is at the rectangle blue box area at $281.65 . Secondly we can see at this same area is the 1.618 fib level of the smaller fib retracement indicator.
If you zoom out the purple line crossing this same area will also act as resistance at around $280.
We are also trading above the Gaussian Channel which is positive unless it's a false breakout.
Don't throw all the chips in yet though, first of all let's break the MA200 and the current .618 fib level we are at.
If it crosses these hurdles it may well go the same way as BSV and ETC. If so, the $280 area with the blue box is the target. If it rejects at this fib level which is a lesser chance imo due to the current bullishness in every alt market, I will close the long at a loss and move on to the next one.
Where do you think Ethereum is heading?
Happy trading legends!
HTBB
Trade closed: stop reached
Well, copped a small loss within minutes. Welcome to crypto trading.Trade active
Jumping back in with a buy order around $176 region. If ETH can close twice above this purple line of resistance, up we go.Note
We hit the target. Is there more to come? I expect a retrace here at the 1.618 level back to the 1.272 level which isn't shown here @ $240.00
Then if still going parabolic, we go up to the 2.272 or 3 fib level @ $348 and $422 respectively.
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