ETH on the other hand looks like a pro fibonacci pinball player.
Currently ETH is sitting around the 1.272 fibonacci line following an aggressive breakdown and recovery from the preceding symmetrical triangle. The breakdown hit a standard trade target level establishing a new downward parallel channel/flag.
Flags are usually thought of as continuation patterns, however there is potential for this to play out as a bullish reversal pattern given the pattern's sloping direction (wedges and flags like to breakout opposite to slope) and preceding trend leading into it. In the event of a breakout to the upside, immediate resistance points are the previous bull ATH of ~ $1463, the 20W Moving average which currently sits at ~ $1453, and the 1 fib level & covid low anchored VWAP at ~ $1700 (a test of this level would be very interesting as it would mean we've overtaken the 20 W avg which has been a consistent point of resistance throughout this bear market).
If ETH remains contained within its current channel/flag, that means we'd be re-entering the trading range from summer 2022. The 1.272 level would presumably be acting as resistance in this scenario with immediate levels of support being the 1.414 fib level & all time history anchored VWAP ~ $1100, the summer trading range effective lower bound ~$1000, and our macro low at the 1.618 fib level ~$887.
Currently ETH is sitting around the 1.272 fibonacci line following an aggressive breakdown and recovery from the preceding symmetrical triangle. The breakdown hit a standard trade target level establishing a new downward parallel channel/flag.
Flags are usually thought of as continuation patterns, however there is potential for this to play out as a bullish reversal pattern given the pattern's sloping direction (wedges and flags like to breakout opposite to slope) and preceding trend leading into it. In the event of a breakout to the upside, immediate resistance points are the previous bull ATH of ~ $1463, the 20W Moving average which currently sits at ~ $1453, and the 1 fib level & covid low anchored VWAP at ~ $1700 (a test of this level would be very interesting as it would mean we've overtaken the 20 W avg which has been a consistent point of resistance throughout this bear market).
If ETH remains contained within its current channel/flag, that means we'd be re-entering the trading range from summer 2022. The 1.272 level would presumably be acting as resistance in this scenario with immediate levels of support being the 1.414 fib level & all time history anchored VWAP ~ $1100, the summer trading range effective lower bound ~$1000, and our macro low at the 1.618 fib level ~$887.
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Zoomed out look.
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As of now I still remain bearish as I have throughout the year. But i'll be keeping a close eye to see if things flip short term bullish.
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some speculation...
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Bitcoin Dominance also looking good.