ETHUSD ready for another leg UP? Ethereum's Line in the Sand

6 gen 2019

Looks like an ABC correction might be done.
The key price is 152.74 at the green 3.618 Fib.
That Fib has been in control of the entire move .

If bulls can break and hold (prove as support) that 3.618 then next leg up should start.

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Background:

My ETH journey started a Fib observation from the bottom

Once that played out, I was looking for the retrace zones to enter long again

Above zones played out and as bounce progressed I saw 152 and 156 as possible targets

Then I saw the top coming, sold, and was looking for re-entry zones:

Got some long scalps in per above plan, then I saw another leg down to come

So next was plan to look for retrace zones to buy back in:

As per above plan, sold at 160 and wondering if correction is done with the current plot:

6 gen 2019

Nota

We have a break. Now we need to see it establish as support

6 gen 2019

Nota

Here we go? local higher high would be a great start

6 gen 2019

Nota

Good sign: bulls recognized the importance of 152.74 and are trying hard to hold it. still no higher high though. A new high and then confirmation of the last high as support would be a GREAT sign.
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6 gen 2019

Nota

Bulls trying again I think it may well hold.
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6 gen 2019

Nota

Rut Roh ETH bad sign that bulls could not hold the line :(
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6 gen 2019

Nota

IMPORTANT (and long) UPDATE:

ETH broke out of that pesky 3.618 and ran smack dab into the 4.618.

So taking a closer look at the main move on 1 min reveals quite a bit, see notes on pic.

Zooming out a bit I see one more possible fib It seems plausible but not solid. At the least there is another zone of interest which I guess we didnt need fibs to say, (near 160 round, duh). But we have the precise range now.

All in all, I am NOT impressed. This shift in ETH looks like gravitational effects of BTC. It was dragged along, not making its own momentum.

7 gen 2019

Nota

That red zone we defined above is clearly relevant

7 gen 2019

Nota

And THAT folks, is how RESISTANCE is made I have no idea what else is at 157.14, like pivots or ma's or trenlines or etc, but that blue 2.618 pointed to it and the older but stronger 4.236 is now backing it up. Not to say it wont break, but the Fibs told us WHERE to watch, and we will know what to look for next visit here to 157.14 EXACTLY. sweet.

7 gen 2019

Nota

Resistance it was ok enough with that. will look for possible bounce zones now.
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7 gen 2019

Nota

ETH first glance says 152 should be support but that resistance zone above is pretty close and was proven.