Did you get caught in the hype?

Hello! Fast update here.

Sadly, ETH never reached my target of 200$ before bears decided to step in and fiercly so.
We got cut short at 170$.

No matter where the market goes from here, i still argue that long term wise - this is a good place to average in.

If you're trading this market i would look for a bounce this current area or 100$. but tread with caution.


I think we have a lot of sideways action a head of us once we reach new lows.

One scenario that can change the current movement is a break above the trendline that has rejected us several times thus far.

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lower resistance reached (130$) , now we will see if its strong enough to continue to upper resistance (140$) or start to make right shoulder directly from here.

If you're trading the bounce, i suggest close some of your position with good profit.

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Looks like another bounce could happen on the daily

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Was a very small bounce 120->132 that got sold off (post above).
Now we are breaking down - we are looking to test the 100$ range again.

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My reflection over current price movment is depicting something like this.
Will keep it updated as we move

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Fib circle action 30th Jan

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40-60$ bottom of channel trend

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Relevant information - this channel is legit

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long term projection
baseline somewhere around 50-30$

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We have max 1 monthly red candle left before we should be green
LOG scale

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Capitulation

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It's starting to crumble

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Remember 30th Jan

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We dig deeper for support as expected~~!

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Following the chart nicely.

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Let's see what happens now. A break here could cause a much larger bullish move. Right now its touching the exact area where i expect a drop. It should drop with a high velocity if it gets rejected...