It looks like ETH want to have a cup of tea before the fall... I believe we are seeing the formation of wave 3 on a weekly chart.
Very bullish structure. I would wait for the formation of the handle (hoping I am right).
A- Buying in from 310 to 316 low to mid strength support (not my favorite entry). B- Buying in from 250 to 280 high to very high strength support (The heavenly entry!!!! (if happens)). C- Wait for the massive pull back and buy after the break out the 400 mark (pussy entry(but low risk)).
If the Cup and Handle is formed eth is going to the moon.
How deep could the handle be? I thought it cannot be more than 38% fib retracement.
gciriaco
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@sifeij, You will see in this market (Cryptocurrencies) .38 is unlikely. Those Fibo levels are for low to mid volatility markets.
Fibonacci for big market cap cryptos are at least .50 but more usual are .618 and .78 for pull backs and for extension from 1.618 to 2.618 and everything in between.
It would be very very very unhealthy for Ethereum not create a handle...
Thanks for your comments....
CovidScamIsAnIQTest
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@gciriaco, it is already unhealthy for a very long time ! but like you said, this crypo market is crazy.
mings88
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@gciriaco, Hi there, love your post. Hope to see more of your work. ;))
gciriaco
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@mings88, wow you made my day buddy! sure you will! love charting!!!!!!!!!!!!!!!!!!! Thank you so much for fallow!
mings88
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@gciriaco, I learned something here, your explanation/drawings on Cup/handle/Fibonacci on high volatility market is clear and make perfect sense. As a newbie I'm grateful for your post and all other analysis people shared here for free.
Question, if ETH drop to the level of $180-$200, does it make it a Double Top? Would it mean further bearish movements?
gciriaco
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@mings88, I guess you meant a Double Bottom. To be a double bottom would need to hit 136.12 which was the lowest swing since eth hit the 400's. Hope we will not see that. however, If eth breaks 230's suppor level; eth will be fucked up! aka Bear market...
thank you for you analysis. It seems that, at the moment ETH is still knocking at the door of 330.... Lets see how long it will take ETH to break it or turn back.