A great opportunity for ETH to take the lead
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(ETHUSDT 1W chart)
The BW(100) indicator on the 1W chart is showing signs of being newly created.
Accordingly, the point of observation is to check where the BW(100) indicator on the 1W chart is created and whether the price is maintained above that point.
Currently, we need to check for support around 3438.16, which is the BW(100) indicator point on the 1M chart.
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(1D chart)
It is touching the Fibonacci ratio of 0.618 (3548.07) and is located near 3.438.16.
Accordingly, the key is whether it can be supported and rise near 3438.16.
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If it falls below 3265.0-3321.30, it is important whether it can be supported and rise near the MS-Signal (M-Signal on the 1D chart) indicator, just like BTC.
However, since I think that the decline of ETH has a larger fluctuation range than the decline of BTC, we need to find a countermeasure to see if it can be supported and rise near 2895.47.
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In any case, I think this decline of BTC is a great opportunity for ETH to take the lead and rise.
Therefore, it is an important point to watch whether the price can rise above 3644.71 and maintain its price during this period of BTC's sideways decline.
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Have a good time.
Thank you.
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- Big picture
I used TradingView's INDEX chart to check the entire range of BTC.
(BTCUSD 12M chart)
Looking at the big picture, it seems to have been maintaining an upward trend following a pattern since 2015.
In other words, it is a pattern that maintains a 3-year upward trend and faces a 1-year downward trend.
Accordingly, the upward trend is expected to continue until 2025.
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(LOG chart)
Looking at the LOG chart, you can see that the upward trend is decreasing.
Accordingly, the 46K-48K range is expected to be a very important support and resistance range from a long-term perspective.
Therefore, it is expected that prices below 44K-48K will not be seen in the future.
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The Fibonacci ratio on the left is the Fibonacci ratio of the uptrend that started in 2015.
In other words, it is the Fibonacci ratio of the first wave of the uptrend.
The Fibonacci ratio on the right is the Fibonacci ratio of the uptrend that started in 2019.
Therefore, it is expected that this Fibonacci ratio will be used until 2026.
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No matter what anyone says, the chart has already been created and is already moving.
It is up to you how to view and respond to this.
If the ATH is renewed, there are no support and resistance points, so the Fibonacci ratio can be appropriately utilized.
However, although the Fibonacci ratio is useful for chart analysis, it is ambiguous to use it as support and resistance.
The reason is that the user must directly select the important selection points required to generate Fibonacci.
Therefore, since it is expressed differently depending on how the user specifies the selection points, it can be useful for chart analysis, but it can be seen as ambiguous to use it for trading strategies.
1st: 44234.54
2nd: 61383.23
3rd: 89126.41
101875.70-106275.10 (when overshooting)
4th: 134018.28
151166.97-157451.83 (when overshooting)
5th: 178910.15
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