Now whether this is a top or not, is yet to be determined, but we are getting some selling pressure that is resulting in a bearish reversal via a pinbar. From an EW standpoint we have a pretty clear pattern that has us potentially completing a fractal 5th wave into the 4500 target area.
There are several overlapping Fibb extensions from 4100-4500 based on various time frames. Though we do not depend on these, they provide a way to extrapolate based on prior moves. When several overlap, it provides more credence to the levels as many Fibb traders have these on their radar based on the time frames they are trading.
Potential for a swing to the mid 5k area, which would be the next target zone for this phase of the market. Still a lot of momentum, lots of bullish sentiment, lots of liquidity in the market so not going to discount a swing higher.
In the long term, 8-10k is tradeable IMO based on the strength of the market and sentiment surrounding Ethereum as a long term investment. Lets look at the daily.
Again PITA have to go to part 4. click chart below
There are several overlapping Fibb extensions from 4100-4500 based on various time frames. Though we do not depend on these, they provide a way to extrapolate based on prior moves. When several overlap, it provides more credence to the levels as many Fibb traders have these on their radar based on the time frames they are trading.
Potential for a swing to the mid 5k area, which would be the next target zone for this phase of the market. Still a lot of momentum, lots of bullish sentiment, lots of liquidity in the market so not going to discount a swing higher.
In the long term, 8-10k is tradeable IMO based on the strength of the market and sentiment surrounding Ethereum as a long term investment. Lets look at the daily.
Again PITA have to go to part 4. click chart below
