Hello All. Looking at Etherium chart on the daily, we can see that the stochastic RSI remains in the over sold territory despite the fact that etherium is trading in the downwards channel. The $4400 plays a strong resistance but i think we will break it and go to 4600 range. However, the volume is not enough to go for ATH yet.
Here is the plan. We are still waiting to see ETH below 4000 and looking for buying opportunity around 3500 and 3600 rage. Here is why. The FIB golden pocket and the ascending line of support sit exactly at 3500-3600 levels. There is also tremendous amount of people waiting to buy eth when we go towards these levels.
Entry at 3500-3600 will get us 75% profit once we hit fib 161 level which sits around $6200 range. Another trade with the same entry and a sale at 5100 will get us a 40% profit.
Don't buy Eth yet. wait for the final correction. We will see 4600 most likely but then go back down and test 3600. We will see new ATH by the end of December.
Thanks for reading, stay tuned, and remain patient. Enjoy.
Here is the plan. We are still waiting to see ETH below 4000 and looking for buying opportunity around 3500 and 3600 rage. Here is why. The FIB golden pocket and the ascending line of support sit exactly at 3500-3600 levels. There is also tremendous amount of people waiting to buy eth when we go towards these levels.
Entry at 3500-3600 will get us 75% profit once we hit fib 161 level which sits around $6200 range. Another trade with the same entry and a sale at 5100 will get us a 40% profit.
Don't buy Eth yet. wait for the final correction. We will see 4600 most likely but then go back down and test 3600. We will see new ATH by the end of December.
Thanks for reading, stay tuned, and remain patient. Enjoy.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.