- Ethereum showing signs of an ABCDE wave upwards. - Stopping at $1375, now looking to retrace down to the first fib level $1146. - If Ethereum indeed completes 5 impluses, according to the fib extension a .5 extension would see Ether rise to $1644.
I'm seeing a pattern build up here between Ether and what Ripple experienced. Currently forming an ABCDE wave and is now repricing downward on the 4th wave. If it hits the first fib level, then going by fib extensions it may rise to the .5 extension stopping at $1644.
But would $1644 be enough for Ether? Looking at Ripple's last wave up, it was a long fib extension up past .5.
I'm bullish short term (unless bitcoin starts to rally) though any further spikes up would be the last before a reprice -> Unless Ether turns out to be the one to repeat 2017 performance.
All other majors performing badly except (strangely enough) Ethereum's competitor Ethereum Classic.
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On final leg of ABCDE. Final legs can be short but for anything near 1500 it will need to breach 1375.
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Going on it's final leg up of the ABCDE. Past 7 4h candles have been bull. Looking to reach up the last E pulse before major reprice.
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Looking strong, though adjusting my current graph, should ethereum actually break all time high again, I'm revising the next high at $1,500 level
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And it breaks ATH - now to 1475
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Annnnnd finally Ethereum is done with it's final leg up.
Not enough strength from the bulls to burst through 1500. Next time Ethereum! Everyone loves the bulls.
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And Ethereum bounces off 1261! Showing signs of strength here at the first fib.
I'm not Bearish and don't short, but I can certainly see how u can get that impression. ABear is just my nickname (old DJ name) that I use all the time. :)
So... Fib Retracement starts at the bottom - your A... and you pulled it to the top of your C. Is that how you drew it? If so, I'm curious, have you ever had ppl tell you that is incorrect? And that the correct way is to go from bottom A to top A... and from bottom C to top C... but never from bottom A to top C. That is how I learned it. Now I'm gonna have to go in search on the Google Machine to figure this out, I guess.
And the other Fib is the Fib Trend Line Extention, then, right? So it is a three point thing. Where were your three points?
Thanks in advance!
I'm just trying to get my shit together. All together. Getting it together in a pile. So I can put it in a backpack and take to the Shit Store to sell it. Or a shit museum. I just need to get it all together. Thanks for any help you can provide.
It should start at the bottom at (0) though my current graph doesn't have this now since some time has moved on. Plus Tradingview didn't save my last stuff on ETH so I'm setting it up again.
That being said, I'm guessing you are trying to figure out where fib retracement should start and end. You can actually try starting from more than one point. If you do that, you may find that the retracement levels actually match. To some traders, these represent a strong support/resistance line.
For Fib Ext, I generally don't use it but I'm trying to gauge how well it works with cryptos. To use this, take the bottom, then pin it to the peak, and then pin the next one on the end of the ABC pattern.
I relate to your sh1te story. lol
and now, for everyone's favorite part. . . a disclaimer!
** This information is for educational purposes only and not intended for advice on trading **
ABear
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It looks like your Fib Retracement starts at the beginning of Wave 1(A, in your labeling) and goes to the top of Wave 3 (C). Is that how you always do it?
I'm under the impression that the way to use Fib Retrace is from...
- bottom of 1 to top of 1, to get those levels.
- bottom of 3 to top of 3, to get those levels.
- Bottom of 1 to top of 5... the ENTIRE Wave, to get those levels.
I think it makes a big difference... and I am wondering about your rules for Fib Retracement placements. I'm not so sure you use Fib Ret from 1 (A) to top of 3 (c) as you did.
On the other hand... I could be doing it wrong...
Thoughts?
PNUTTY
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@ABear, Hello A Bear! (I'm guessing you take short positions a lot .. bad joke, sorry)
Thanks for your question.
The diagram is a bit confusing to look at because I've used one fib and one fib extension. That's why it's hard to follow the dots around. Something not helping is also the ABDCE pattern.
But both start at the bottom where it first start price rising, and ends at the top.
Pressing play, I'm seeing the price head struggling towards D. Wow....let's see if it manages to stay above 1146 to hit D!
Malkaviano
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1. The growth is unsustainable . The risk is too fgih for the profits.
2. Look where is Ripple right now. It also was supposed to go "WAVE 3".
3. If you wanted to get ETH You've missed the boat. You can still short it though.
@Malkaviano, It is a risky move. Though that move from where it is now to $1644 is nothing compared to it's last surge which was huge.
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@PNUTTY,
Dude, what are You're gains with each ATH?
Because I'm shorting it as You buy it and earn more with very little risk, becasue it will definitely fall, and each fall is more deeper.
Compare buying at breakout vs selling there and waiting.
Right now the bears are back.
Pretty good on Ripple but I"m holding it for a while anyway so I"m bearing the swings up and down.
For Ether, I'm waiting for now to see if it repeats what Ripple did.
Shorting seems not a bad idea in this current environment. Though generally speaking, I don't like to short. Though good luck with it!
Lex0924
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@PNUTTY, I'm looking to short ETH a couple of times. Just twice so I can pick up a couple of more coins. I got in late at the 1k mark and trying to pick a few coins here and there.
So... Fib Retracement starts at the bottom - your A... and you pulled it to the top of your C. Is that how you drew it? If so, I'm curious, have you ever had ppl tell you that is incorrect? And that the correct way is to go from bottom A to top A... and from bottom C to top C... but never from bottom A to top C. That is how I learned it. Now I'm gonna have to go in search on the Google Machine to figure this out, I guess.
And the other Fib is the Fib Trend Line Extention, then, right? So it is a three point thing. Where were your three points?
Thanks in advance!
I'm just trying to get my shit together. All together. Getting it together in a pile. So I can put it in a backpack and take to the Shit Store to sell it. Or a shit museum. I just need to get it all together. Thanks for any help you can provide.