According to the 1 day chart, ETH has yet to close below the .618 fib level. **
This indicates that there is still major support at $200, and with the current downtrend this level will likely be tested again.
As long as the $200 level is held, prices will probably fluctuate into the mid $220's until the downward trend is broken.
If the $200 level is broken, we will likely see another fall all the way to the $145 level.
This is still a bearish market, therefore I have indicated a good area to short IF the current level is broken.
Use your indicators wisely and leave emotions out of the game.
Thanks and good luck to all!
**This was tested all the was down to the 1 hour charts. As of 10:43 EST the $200 level has not broken
This indicates that there is still major support at $200, and with the current downtrend this level will likely be tested again.
As long as the $200 level is held, prices will probably fluctuate into the mid $220's until the downward trend is broken.
If the $200 level is broken, we will likely see another fall all the way to the $145 level.
This is still a bearish market, therefore I have indicated a good area to short IF the current level is broken.
Use your indicators wisely and leave emotions out of the game.
Thanks and good luck to all!
**This was tested all the was down to the 1 hour charts. As of 10:43 EST the $200 level has not broken
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