- Stopping at $1375, now looking to retrace down to the first fib level $1146.
- If Ethereum indeed completes 5 impluses, according to the fib extension a .5 extension would see Ether rise to $1644.
I'm seeing a pattern build up here between Ether and what Ripple experienced. Currently forming an ABCDE wave and is now repricing downward on the 4th wave. If it hits the first fib level, then going by fib extensions it may rise to the .5 extension stopping at $1644.
But would $1644 be enough for Ether? Looking at Ripple's last wave up, it was a long fib extension up past .5.
I'm short term (unless bitcoin starts to rally) though any further spikes up would be the last before a reprice -> Unless Ether turns out to be the one to repeat 2017 performance.
All other majors performing badly except (strangely enough) Ethereum's competitor Ethereum Classic.
Not enough strength from the bulls to burst through 1500. Next time Ethereum! Everyone loves the bulls.
So... Fib Retracement starts at the bottom - your A... and you pulled it to the top of your C. Is that how you drew it? If so, I'm curious, have you ever had ppl tell you that is incorrect? And that the correct way is to go from bottom A to top A... and from bottom C to top C... but never from bottom A to top C. That is how I learned it. Now I'm gonna have to go in search on the Google Machine to figure this out, I guess.
And the other Fib is the Fib Trend Line Extention, then, right? So it is a three point thing. Where were your three points?
Thanks in advance!
I'm just trying to get my shit together. All together. Getting it together in a pile. So I can put it in a backpack and take to the Shit Store to sell it. Or a shit museum. I just need to get it all together. Thanks for any help you can provide.
It should start at the bottom at (0) though my current graph doesn't have this now since some time has moved on. Plus Tradingview didn't save my last stuff on ETH so I'm setting it up again.
That being said, I'm guessing you are trying to figure out where fib retracement should start and end. You can actually try starting from more than one point. If you do that, you may find that the retracement levels actually match. To some traders, these represent a strong support/resistance line.
For Fib Ext, I generally don't use it but I'm trying to gauge how well it works with cryptos. To use this, take the bottom, then pin it to the peak, and then pin the next one on the end of the ABC pattern.
I relate to your sh1te story. lol
and now, for everyone's favorite part. . . a disclaimer!
** This information is for educational purposes only and not intended for advice on trading **
I'm under the impression that the way to use Fib Retrace is from...
- bottom of 1 to top of 1, to get those levels.
- bottom of 3 to top of 3, to get those levels.
- Bottom of 1 to top of 5... the ENTIRE Wave, to get those levels.
I think it makes a big difference... and I am wondering about your rules for Fib Retracement placements. I'm not so sure you use Fib Ret from 1 (A) to top of 3 (c) as you did.
On the other hand... I could be doing it wrong...
Thanks for your question.
The diagram is a bit confusing to look at because I've used one fib and one fib extension. That's why it's hard to follow the dots around. Something not helping is also the ABDCE pattern.
But both start at the bottom where it first start price rising, and ends at the top.
Pressing play, I'm seeing the price head struggling towards D. Wow....let's see if it manages to stay above 1146 to hit D!
Dude, what are You're gains with each ATH?
Because I'm shorting it as You buy it and earn more with very little risk, becasue it will definitely fall, and each fall is more deeper.
Compare buying at breakout vs selling there and waiting.
Right now the bears are back.
(Btw. look at RSI for bearish trend start)
Pretty good on Ripple but I"m holding it for a while anyway so I"m bearing the swings up and down.
For Ether, I'm waiting for now to see if it repeats what Ripple did.
Shorting seems not a bad idea in this current environment. Though generally speaking, I don't like to short. Though good luck with it!