This is my first post, and really wanted to share this idea with everyone. I know it is a little messy but I really relied on the fib retractment tool to find supports and resistances for future prices. I decided to go back to see if there was a trends or pattern that can soliidfy future price movements. I took each "ATH" and see what levels it would dip too once the ATH was reached. As you can see the lows after each downtrend seems to line up around the top of the red fib zone of the prior downtrend low. So in essence the next absolute low before a tend reversal will be around 500s. The downtrend currently is following those channel lines that I have made and you can see how the price is moving, net move will be passing down to the lowest line of the channel. Comments will be great, this is my first and so far my method has been working. Thank you.
Nice, I believe it will go to Low 600's or mid to high 500's as well. Can I see your chart in view only Mode? I am curios to watch how you made all the trend lines.
BrandonAparicio
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@dcolvard, What do you mean in view only mode, sorry still new to this tradingview platform
tammy007
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Agree with you...ETH has grown way too fast from $9 in Jan 2017 to $1400 in Jan 2018...therefore the correction will be also massive after such parabolic move. My long buy zone for ETH is from $450 to all the way down to probably $300