ETH had reached its 4.618 fib extension, much to my amazement in such a short time. I thought, 'well the theory is that it should pull back now, markets don't go up in a straight line forever'.
I sold some ETH at $1340. And put a buy back around the .50 fib retracement line at $888. Boom, after a little blow off top, down it came. Coincidentally along with FUD news about korea and china clamping down on crypto. Now we are bottoming out around the .618 and as if by magic the news is getting better.
Lesson here is keep your head out of the news. The chart will give you signals so you can trade with the smart money. The news will always find a reason for this rally or that correction once it is already underway.
There will be many coin casualties on the road to blockchain mass adoption, but with the ethereum alliance, you can be pretty sure that ETH will not be one of them. This tech is going nowhere and unlike Bitcoin , it is not trying to wrestle power away from the establishment. In fact, the establishment is on board!
So far, if the bottom is in, the next 4.618 fib extention target is just shy of $3800!! If we go lower the target goes higher...
Happy HODLing :)
Keep up the good work. Consider yourself followed! ;-)