Before you read any further I want to state the current market state is extremely BEARISH. There is absolutely no sign of reversal yet, so buying on the support levels I have shown is extremely dangerous. I have lost nearly my entire account attempting to catch the bottom on this tumble down. So please do your own due diligence and wait for clear signs of reversal.
This analysis is entirely based on fractals, fibonacci retracements, and price ratios. For those of you unfamiliar with fractals, they are recurring patterns that are used to predict reversals among larger, more chaotic price movements.
This example I am using fractals to help us predict the bottom and possibly future price movement.
The fractals above are highlighted in boxes. From afar they look similar but not quite exact. However by lowering the timeframe on the smaller fractual you will see there is a massive amount of resemblance between the two. After noticing this, I used both price ratios and fib levels of the smaller fractal to help predict the bottom of the current downtrend we are in. Based on that data possible support for reversal ranges from $300-$400. Which is more clearly shown on the chart above.
IF this support holds true and the fractal repeats itself, the next bull run could be Ethereum's biggest one yet. Zooming out on the chart above you will see my 3 major target zones. My third target being just over $5000.
Fractals are a great tool to use when it comes to trading. Especially on lower time frames. The reason fractals are less likely to work on higher time frames is due to larger variables effecting it. For example the ICO market is being heavily attacked by advertising companies and govermental regulation. Events like this could disable Ethereums ability to gain Bullish momentum.
However, the setup is here. So we wait, and time will tell what the future holds.
I hope you all found this analysis enlightening in these very bearish times. For those of you worried about the current market conditions, you should be, however the bottom will come in time, When is the uncertain factor.
I wish you all the best of luck.
ETH tips always appreciated: 0xEEcD7Ce6E22AfA6083074c4CCd326Be0b1C932d9
DISCLAIMER: Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
Basically just trade the BTC chart, ETH will follow
fract
⋅
So ambient! As if it’s a laboratory work from half-life!
cryptopaatje
⋅
I think the bottom will come within a few weeks, just as it is for BTC.
The fractals you name are gaterings of a few fractals.
For details look at my JOES-fractal analysis.
We've just finished big-fractal-3 within the giant fractal.
It resembles 2014!
Check it out. This will be the same for ETH and all other altcoins!
Happy trading with this knowledge!
franabenza
⋅
Hey! what is the indicator that you use to display the fractal?
franabenza
⋅
@franabenza, I found this, but I don't know how to make it work:
// Define our title and that this script will overlay the candles.
study("Williams Fractals",shorttitle="Fractals", overlay=true)
// Define "n" as the number of periods and keep a minimum value of 2 for error handling.
n = input(title="Periods", defval=2, minval=2, type=integer)
// Williams Fractals are a 5 point lagging indicator that will draw 2 candles behind.
// The purpose of the indicator is to plot points of trend reversals.
// Often these are paired with trailing stop indicators such as Parabolic SAR, Volatility Stop, and SuperTrend.
// Down pointing fractals occur over candles when:
// High(n-2) < High(n)
// High(n-1) < High(n)
// High(n + 1) < High(n)
// High(n + 2) < High(n)
dnFractal = (high[n-2] < high[n]) and (high[n-1] < high[n]) and (high[n+1] < high[n]) and (high[n+2] < high[n])
// Up pointing fractals occur under candles when:
// Low(n-2) > Low(n)
// Low(n-1) > Low(n)
// Low(n + 1) > Low(n)
// Low(n + 2) > Low(n)
upFractal = (low[n-2] > low[n]) and (low[n-1] > low[n]) and (low[n+1] > low[n]) and (low[n+2] > low[n])
// Plot the fractals as shapes on the chart.
plotshape(dnFractal, style=shape.arrowdown, location=location.abovebar, offset=-2, color=olive, transp=0) // Down Arrow above candles
plotshape(upFractal, style=shape.arrowup, location=location.belowbar, offset=-2, color=maroon, transp=0) // Up Arrow below candles
oh92
⋅
@franabenza, There were no indicators used in this analysis. All fractals were spotted and drawn in manually