Bitcoin is still consolidating. It likely will not get exciting for at least a few more days.
Meanwhile, Ethereum continues to arouse my suspicions that it is on the verge of yielding a trade opportunity. Two days ago I noted that it seemed to be giving buy signals. Indeed, I went long at that time. But after 24 hours I closed the position at a small loss just a couple hours before the panic selling began. At the time I was glad I exited when I did, but I remain very interested in this asset. I will but it again in the very near future, I suspect.
I can only show Gann Squares so many times before even I get bored with seeing them, so I want to show a few other Fibonacci tools for our education and amusement.
First I wanted to demonstrate how there are other geometric relationships on a chart that are too easily overlooked.
This is a 2-day ethereum chart. The rise from point 1 to point 2 exactly equaled the rise from point 3 to point 4. I’m sure many of my readers already knew that, but I am also certain many did not. Such equal movements in price are quite common.
The next charts are demonstrating something interesting terms of Fibonacci and TIME.
Here, note that starting from the beginning of last year’s rally, and ending in ~ 2 days, there is a clear peak on the .5, .618 and .786 points. This strongly suggests that the point in time ~2 days hence is part of some matrix that defies logic. Well worth watching.
This chart, with the same accordion starting on the March high, and ending ~ 2 days from now, shows significant turns at the .382, .5, .618 and .786 points. Again, this suggests that 2 days hence is part of a matrix that eludes logic.
I closed my position yesterday at a small loss, but I am just waiting for a close above the downward-sloping 45 degree line (Gann1x1) and I will buy it again.
Remember: The author is a trader who is subject to all manner of error in judgement. Do your own research, and be prepared to take full responsibility for your own trades.