If following the Elliot Wave Theory of ABC down 0-A = BC length so the next down move should be same down as the first down move. Which is going to be quite a drop if it is the same distance.
1. 275 USD traget will be the most extreme case while moving down and there kind of is a downwards channel it does fit into.
2. However while it was moving down it did set and angled support if it follow that support line another possible target is 900 USD.
3. A most minor correction would it to be retest the bottom, however with RSI on the daily I feel this might be unlikely.
My own method would not already change my ETH to a fiat and put half of the money on the 900usd target and other half at 275, even if it bounced at 900usd I would still had a good buy in even with half the money would gained a lot more ETH, but if it drops further down to 275 atleast have extra money to capture that too.
1. 275 USD traget will be the most extreme case while moving down and there kind of is a downwards channel it does fit into.
2. However while it was moving down it did set and angled support if it follow that support line another possible target is 900 USD.
3. A most minor correction would it to be retest the bottom, however with RSI on the daily I feel this might be unlikely.
My own method would not already change my ETH to a fiat and put half of the money on the 900usd target and other half at 275, even if it bounced at 900usd I would still had a good buy in even with half the money would gained a lot more ETH, but if it drops further down to 275 atleast have extra money to capture that too.