ETH on the other hand looks like a pro fibonacci pinball player.
Currently ETH is sitting around the 1.272 fibonacci line following an aggressive breakdown and recovery from the preceding symmetrical triangle. The breakdown hit a standard trade target level establishing a new downward parallel channel/flag.
Flags are usually thought of as continuation patterns, however there is potential for this to play out as a bullish reversal pattern given the pattern's sloping direction (wedges and flags like to breakout opposite to slope) and preceding trend leading into it. In the event of a breakout to the upside, immediate resistance points are the previous bull ATH of ~ $1463, the 20W Moving average which currently sits at ~ $1453, and the 1 fib level & covid low anchored VWAP at ~ $1700 (a test of this level would be very interesting as it would mean we've overtaken the 20 W avg which has been a consistent point of resistance throughout this bear market).
If ETH remains contained within its current channel/flag, that means we'd be re-entering the trading range from summer 2022. The 1.272 level would presumably be acting as resistance in this scenario with immediate levels of support being the 1.414 fib level & all time history anchored VWAP ~ $1100, the summer trading range effective lower bound ~$1000, and our macro low at the 1.618 fib level ~$887.
Currently ETH is sitting around the 1.272 fibonacci line following an aggressive breakdown and recovery from the preceding symmetrical triangle. The breakdown hit a standard trade target level establishing a new downward parallel channel/flag.
Flags are usually thought of as continuation patterns, however there is potential for this to play out as a bullish reversal pattern given the pattern's sloping direction (wedges and flags like to breakout opposite to slope) and preceding trend leading into it. In the event of a breakout to the upside, immediate resistance points are the previous bull ATH of ~ $1463, the 20W Moving average which currently sits at ~ $1453, and the 1 fib level & covid low anchored VWAP at ~ $1700 (a test of this level would be very interesting as it would mean we've overtaken the 20 W avg which has been a consistent point of resistance throughout this bear market).
If ETH remains contained within its current channel/flag, that means we'd be re-entering the trading range from summer 2022. The 1.272 level would presumably be acting as resistance in this scenario with immediate levels of support being the 1.414 fib level & all time history anchored VWAP ~ $1100, the summer trading range effective lower bound ~$1000, and our macro low at the 1.618 fib level ~$887.
Nota
Zoomed out look.Nota
As of now I still remain bearish as I have throughout the year. But i'll be keeping a close eye to see if things flip short term bullish.Nota
some speculation...Nota
Bitcoin Dominance also looking good.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.