ETH may look for 78.6%-100% retrace in coming days
Updated
This week has been a bit tumultuous for the world of crypto as BTCUSD made another dip downwards. However, it seems to have found support and turned upwards. I think it will approach resistance around $12,000, and if it breaks through, will likely head towards $15,000. This is significant because it would give traders confidence to move back into other coins, at least in the short-term.
Throughout all of this, ETHUSD has fared well. Moving forward I would keep an eye on BTC. If you have not already, now may be a good time to look towards ETHUSD, as it is currently sitting on a strong support at $1,000.
I would set stop losses below $900 and limit sells for $1250, $1350 and $1,425.
I still believe the market has more to correct, but it is not uncommon for prices to rebound a significant amount before falling further. We can capitalize on this. In this chart I see ETHUSD making its way towards the 0.786 Fibonacci resistance at $1,283. This lines up somewhat with the pitchfork fib lines as well. I am also seeing a pattern known as an Adam and Eve double bottom reversal, which gives a price target around $1,430, however I doubt we will go this high, but we could retrace 100% and form a double top. From there I still believe we could see prices as low as $551.
*THIS IS NOT TRADING ADVICE*
Throughout all of this, ETHUSD has fared well. Moving forward I would keep an eye on BTC. If you have not already, now may be a good time to look towards ETHUSD, as it is currently sitting on a strong support at $1,000.
I would set stop losses below $900 and limit sells for $1250, $1350 and $1,425.
I still believe the market has more to correct, but it is not uncommon for prices to rebound a significant amount before falling further. We can capitalize on this. In this chart I see ETHUSD making its way towards the 0.786 Fibonacci resistance at $1,283. This lines up somewhat with the pitchfork fib lines as well. I am also seeing a pattern known as an Adam and Eve double bottom reversal, which gives a price target around $1,430, however I doubt we will go this high, but we could retrace 100% and form a double top. From there I still believe we could see prices as low as $551.
*THIS IS NOT TRADING ADVICE*
Trade active
Looking good. Need to break through this 0.618 fib resistance to reach our target.Trade active
Failed to break 0.618 resistance, however we have yet to form a lower low. This may still play out.Trade closed manually
Bullish target fell short, bearish target reached. Mixed success is still success?Trade closed: target reached
Late update on this one.
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