ETH Preparing For Massive Gains?
No CME dip which is awesome! I guess I was just being paranoid but really who in their right mind would short ETH right now?
Looking at ETH today with a quick Fib retracement starting from the low on Jan 11th, just about a month ago, we can see ETH is settling into it's new home between $1,500 and $1,780, entering a consolidation phase. This is also possibly an accumulation phase for savvy investors.
Hopefully it doesn't get too comfy there! We've got ATH to smash. 🚀
As I mentioned in a previous post I think ETH may likely consolidate in this range for the next week or two before taking on a push up to the $2,000 mark and possibly beyond.
Personally I'm happy with the price moving around in this area, there should be some swings up and down with profit to be taken. But time spent here builds support for the future.
Looking back at January's consolidation period we see that it took a little over 2 weeks moving sideways before it was ready to pop.
If history is determined to repeat itself then we may be looking at another 2 week consolidation period with sideways action before strength has been built up for the next move.
Up Up and Away!
Consider that we may have begun our most recent consolidation period as early as Feb 4th then we can maybe fast track our timeline. I'm looking to late next week to expect a move, hopefully up up and away to 2K.
That is assuming no major disturbance in the force that brings us back down into our previous consolidation zone.
Keep hodling, or keep trading, wishing everyone much success.
Ciao for now,
Posted Using LeoFinance Beta
