One of my last analysis' outlined that ETH could go up to the 450 area. While I still believe that is true. It's pretty clear we are getting a pullback, as per my last post. If you missed it, make sure you read it, it goes into detail on why we are getting a pullback.
This analysis, I want to look at how far we could go before we go up again.
If we are headed to 450 there are 2 scenarios that could play out.
1. We base out at the 150-175 area which is a trendline and support zone and we move up from there. I imagine this move will launch us up to 375 fairly quickly.
2. We base out at 100 before moving up. Why would we do this and not base out higher? Well, if BTC indicates more downside and ETH was already at 150, it's quite possible we would move down further. This is something that will have to be gauged as the market progresses to identify where exactly the bottom will be.
the Scary scenario: We create a new low. This would not be good, this would be a signal that the bear market still has more time before turning into a bull run again. While I think this scenario is unlikely, it's important to at least throw on the table and make sure we don't see any signs that could happen.
So, be prepared for ETH to continue to pull back and once we get some bottoming signs, we will go in.
Happy trading and hodling,
-Sherem
This analysis, I want to look at how far we could go before we go up again.
If we are headed to 450 there are 2 scenarios that could play out.
1. We base out at the 150-175 area which is a trendline and support zone and we move up from there. I imagine this move will launch us up to 375 fairly quickly.
2. We base out at 100 before moving up. Why would we do this and not base out higher? Well, if BTC indicates more downside and ETH was already at 150, it's quite possible we would move down further. This is something that will have to be gauged as the market progresses to identify where exactly the bottom will be.
the Scary scenario: We create a new low. This would not be good, this would be a signal that the bear market still has more time before turning into a bull run again. While I think this scenario is unlikely, it's important to at least throw on the table and make sure we don't see any signs that could happen.
So, be prepared for ETH to continue to pull back and once we get some bottoming signs, we will go in.
Happy trading and hodling,
-Sherem
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Last 2 posts:
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Identifying the pull back:
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and please smash that like button!
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and please make sure you look at my idea identifying the pullback. that goes into a little more detail about what's going on right now on a zoomed in scale and smash the like button there. thanks!
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updated:
