Potential Downside ETH targets, $150-180
Areas of interest are the Pink Rectangles, I'm notoriously told my charts give people seizures with all the lines/colors so tried to clean this one up.
1. Blue Fib is drawn from the bottom ($6) to the high ($1424). I repeatedly see Cryptos respecting Fibs that are drawn from the bottom to "Notable Highs".
2. Yellow Fib is drawn from $6 to $805 (The 2nd High) which interestingly enough is an area where price has hit 4 times. This makes the Fib much more predictive due to the amount of time spent there. notice how the .618 from Yellow Fib and .786 from Blue Fib line up.
3. We bounced at $215 because of the previous time we bounced there on sept 14 2017.
4. Because of how strong resistance the $312 price line is, it would be a miracle (TA changing move) if we shot passed that price. So I see it as unlikely anytime soon.
4. The .786 level (which crypto loves to hit) on the Yellow Fib is a place to pause a dump at $180. But $150 could potentially be another place we drop to (LOW target), It's the next place we had a dip where we V-bottomed and continued up on July 14th 2017.
TLDR. ETH is wrecked, Cryptos are wrecked. $300 ETH is highly unlikely. I would short $225-250 area, with a target of $180 (yellow fib .718) or $150 (place we bounced before), depends on the price action.
Good luck, start shorting or start looking at other markets.
1. Blue Fib is drawn from the bottom ($6) to the high ($1424). I repeatedly see Cryptos respecting Fibs that are drawn from the bottom to "Notable Highs".
2. Yellow Fib is drawn from $6 to $805 (The 2nd High) which interestingly enough is an area where price has hit 4 times. This makes the Fib much more predictive due to the amount of time spent there. notice how the .618 from Yellow Fib and .786 from Blue Fib line up.
3. We bounced at $215 because of the previous time we bounced there on sept 14 2017.
4. Because of how strong resistance the $312 price line is, it would be a miracle (TA changing move) if we shot passed that price. So I see it as unlikely anytime soon.
4. The .786 level (which crypto loves to hit) on the Yellow Fib is a place to pause a dump at $180. But $150 could potentially be another place we drop to (LOW target), It's the next place we had a dip where we V-bottomed and continued up on July 14th 2017.
TLDR. ETH is wrecked, Cryptos are wrecked. $300 ETH is highly unlikely. I would short $225-250 area, with a target of $180 (yellow fib .718) or $150 (place we bounced before), depends on the price action.
Good luck, start shorting or start looking at other markets.
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