ETH looks to be headed towards its 23.6% Fibonacci Retracement
ETH spent quite a bit of time between its 38.2% and and 50% retracement levels (more than other cryptocurrencies that I have been watching at least). But starting yesterday, it led the charge as it broke out and looks to be headed toward the 23.6% Fibonacci right around 1.8K.
However, BTC has been around its own 23.6% retracement level for some time now (back and forth). This makes me wonder what ETH is going to do next, particularly if BTC surpases its own 23.6% Fibonacci and heads towards its own all time high.
From what I can see, the possibilities are that both stay near their 23.6% Fibonacci retracements for a some time and catch their breath, or both charge forward (with potentially ETH leading the way), or possibly ETH (and maybe even BTC) head back to their previous retracement levels.
Either way, looks like too much uncertainty to me in the short term. I'm curious if anyone else has any insight or has anything to add or point out that I am missing?
However, BTC has been around its own 23.6% retracement level for some time now (back and forth). This makes me wonder what ETH is going to do next, particularly if BTC surpases its own 23.6% Fibonacci and heads towards its own all time high.
From what I can see, the possibilities are that both stay near their 23.6% Fibonacci retracements for a some time and catch their breath, or both charge forward (with potentially ETH leading the way), or possibly ETH (and maybe even BTC) head back to their previous retracement levels.
Either way, looks like too much uncertainty to me in the short term. I'm curious if anyone else has any insight or has anything to add or point out that I am missing?