Today we are going back in history, we are going to see if some crazy fib theory turns out to be true and we are all gonna be very rich soon , lambo , them champagnes and a good retirment. Or, end up losing all our shit in the hopes of the next boom cycle.
Whatever you do, be careful and never invest more than you afford to lose.
Now, let's dive in ! - History in the making -
We have now reached the pivot turning point for ETH, at least according the history lessons we are gonna look at today. But remember, history IS not something that will repeat, but my gut feeling says that it might happen.
So, this isn't exactly rocket science, i have mapped out the previous tops and retrancements with the fib retracement tool, and we can see that a pattern is emerging. Either we will make rebound now, from the 0.236 line. There is a chance that we might go to the lower end as well, the green dashed line below. A close slightly deeper in the red zone could indicate decline to the green dashed line.
As long as we keep progressing, close to the thin dashed lines we could expand up more, to the black line above - 0.382.
Good luck,
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تعليق
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Looking more likely that we will test the green trendline below ! So according to this chart 250€ should be the bottom
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Looks like it’s trying to set a bottom here , small reversal going on. Could be a trap but we saw some volume injection so it can be legit.
تعليق
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A break above 460 (Large HS neckline) could indicate that we have bottomed out, however a failure to breach it would probably resume the downtrend sharply.
Was thinking the same thing. Similar shape so far to the Feb 6 bounce. Red volume seemed to peak earlier, green now seems to have a little momentum, bull flag forming on the 1hr? And the RSI has turned up from the floor on the on the 4hr. Heart says buy, head says wait until more evidence arrives. Surely we're pretty much out of sellers now, even with the EOS dump factored in.
ethhunter
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@mattgarbutt, yeah... also G20 tomorrow could have impact on price as well. Also its possible we will rally to the top of the decending channel before declining further.
We have absorbed a lot of selling as well so i think we are very close to the bottom... but for now i still think we will only push a bit then down again.
alharbi.maher
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As always thanks mate! you were right! already put some money at 715 i am thinking to enter with some money but will wait to be under 300€. By the way, do you think Ether will rise to 1000€ by the end of 2018?
ethhunter
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@Alharbi.maher, yes, I think so, but it will take time.
Right now we need to wait for confirmation about the bottom and reversal. Even if price goes to 300 we shouln't buy directly, we need to evaluate and assess the situation before entering the market.
ethhunter
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@Alharbi.maher, if we go over 460 its a sign to buy for me, if we don’t we could go lower.
moorbles
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Fractals AND fibs. Interesting idea mate, like one of those old magic eye posters, once you see it, it's there all the time.
I think I still need to see proof that we've at least found a consolidation zone before re-entering, and with BTC looking like it's gearing up for another test of the low 7k range, I'm gonna wait a little while longer. I might come to regret that though!
ethhunter
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@mattgarbutt, yes, but there is chance we could go to the very bottom of the retracement, 253€~ if we continue to decline :) so i will use this chart as my signal for the long entry