I have found an interesting setup on ETH, combining both fib levels and horizontal support/resis.
After we broke the last major low (around 360ish) it has been pretty much non stop until 250. An incredible fall. One that left a lot of panic, and gave us an all-time-low on the daily RSI .
I see this as an opportunity. A simple fib retrace lands us near that old major low (360) which will probably become resistance. I will try to sell 300 and then 340.
Afterwards, I predict a fall to 180, which also happens to be a fib level and horizontal support zone .
Stop loss is around 240, because this becomes invalid for me if the fib structure is broken.
After we broke the last major low (around 360ish) it has been pretty much non stop until 250. An incredible fall. One that left a lot of panic, and gave us an all-time-low on the daily RSI .
I see this as an opportunity. A simple fib retrace lands us near that old major low (360) which will probably become resistance. I will try to sell 300 and then 340.
Afterwards, I predict a fall to 180, which also happens to be a fib level and horizontal support zone .
Stop loss is around 240, because this becomes invalid for me if the fib structure is broken.
Comment:
ETH seems to have made a local bottom, with both BTC and USD pairs barting hard to the previous trading range. Let's see if we can take this to 340+!