ETHEREUM.. Ceiling & Floor $240 BTFD Lvl.. Sept 13, 2017
Analysis:
A few weeks ago, I mentioned the 2 price levels to watch if ETH could not surpass the $400 level. Sure enough, the first level at $280 was hit in a matter of days. Then I warned that the $300 ceiling was next to slow any price rally. Fearing that this could happen, the next logical stop is at $240. We are just $20 shy of that mark. I would consider this a major support level.
The way to play this in my view (not advice).. Would be to take a small position at the $240 level, and if it breaks down I would hold and re-enter again on a secondary entrance back above the $240. If price does not move above that, then getting rid of the 1st position would be the way to go. Either way, $240 is an important stopping point, also for those who are Fib. fanatics this level represents (61.8% ret.) level.
Foot Note:
When analyzing this chart, you will notice the Slow Stochastics indicator. I find this indicator to be the complete indicator compared to the vast majority out there. Lets explore the terms I will be using. Also use the indicator based on its respective time-frame:
Time-Frame:
1 hour - Lasts 1 hour - Few days
Daily - Last Days - Week(s)
Weekly - Last Week(s) to Month(s)
Term used:
OB - OverBought (above 80)
OS - OverSold (Below 20)
Bullish - Above 50
Bearish - Below 50
Trend - Cross up in both channel line or Cross down in both channel line.
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Very good analysis on ETH.
Do you have charts on LTC and BTC also although I know they are following a similar path?
@originalworks
I have done an analysis for you here.. https://steemit.com/ethereum/@pok8rok8/bitcoin-been-a-while-usd3400-sept-13-2017-bonus-ltc
Thanks great posts especially BTC. The daily is showing fib levels that coincide with some of what others have said as the pullback zone.
$3400 seems likely with $2500 possible over the next few weeks.
LTC was an hourly so we might see a $50 or close to it in a number of days.
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https://steemit.com/ethereum/@pok8rok8/bitcoin-been-a-while-usd3400-sept-13-2017-bonus-ltc