As everyone can see, I'm not a prolific writer here on TradingView. But since I just won the TradingClue, I thought I'd give something back to the community.
Where is ETHUSD headed over the next few days? My two cents is that we're in a mid-cycle dip similar to the one that occurred on ETHUSD from mid June to mid July in 2017. Just out of curiosity, I've noted that both dips — the one we're in now and the one that occurred back in '17 — represented 60–70% drawdowns that bottomed near the weekly 34 EMA.
So, I asked myself, if ETH bounces just like it did back in '17, what would that look like? I copied over a bar pattern of ETH's bounce in '17 and voila, so far ETH has been recovering almost play-for-play in the same way that it did four years ago.
Does that mean ETH will continue up toward the .786 Fib retracement level within a few days? I have no idea. But it's food for thought.
Happy trading!
Where is ETHUSD headed over the next few days? My two cents is that we're in a mid-cycle dip similar to the one that occurred on ETHUSD from mid June to mid July in 2017. Just out of curiosity, I've noted that both dips — the one we're in now and the one that occurred back in '17 — represented 60–70% drawdowns that bottomed near the weekly 34 EMA.
So, I asked myself, if ETH bounces just like it did back in '17, what would that look like? I copied over a bar pattern of ETH's bounce in '17 and voila, so far ETH has been recovering almost play-for-play in the same way that it did four years ago.
Does that mean ETH will continue up toward the .786 Fib retracement level within a few days? I have no idea. But it's food for thought.
Happy trading!