Idea
ADA/ETH just completed a beautiful harmonic reversal pattern known as the “bat” on the 1D chart. This is a very “clean” pattern and now we must look to see if there will be a reactive move to counter the downward trend.
Price Structure
X: 10 Aug '21 @ 0.0004630
A: 29 Aug '21 @ 0.0009160
B: 17 Sep '21 @ 0.0006895
C: 25 Sep '21 @ 0.0008295
D: 24 Oct '21 @ 0.0005159
Potential Reversal Zone
AB=CD: 20 Oct '21 @ 0.0005418
XAD: 24 Oct '21 @ 0.0005146
D: 24 Oct '21 @ 0.0005159
Conclusion
All three levels in the “potential reversal zone” were triggered by 24 Oct '21. This signaled a buy in regards to this particular pattern @ 0.0005146 (the lowest point in the pattern or XAD). We would like to see some strength on the RSI before committing to this trade but those who feel comfortable with the risk...this could be an excellent opportunity at these levels. For those of you not feeling keen on selling Ether, this chart suggests a coming increase in the price of Cardano against the dollar as well so you have that option if you feel it better suits your strategy. Run a 0.0003725 stop loss and a 0.0007420 take profit. Good luck friends!
ADA/ETH just completed a beautiful harmonic reversal pattern known as the “bat” on the 1D chart. This is a very “clean” pattern and now we must look to see if there will be a reactive move to counter the downward trend.
Price Structure
X: 10 Aug '21 @ 0.0004630
A: 29 Aug '21 @ 0.0009160
B: 17 Sep '21 @ 0.0006895
C: 25 Sep '21 @ 0.0008295
D: 24 Oct '21 @ 0.0005159
Potential Reversal Zone
AB=CD: 20 Oct '21 @ 0.0005418
XAD: 24 Oct '21 @ 0.0005146
D: 24 Oct '21 @ 0.0005159
Conclusion
All three levels in the “potential reversal zone” were triggered by 24 Oct '21. This signaled a buy in regards to this particular pattern @ 0.0005146 (the lowest point in the pattern or XAD). We would like to see some strength on the RSI before committing to this trade but those who feel comfortable with the risk...this could be an excellent opportunity at these levels. For those of you not feeling keen on selling Ether, this chart suggests a coming increase in the price of Cardano against the dollar as well so you have that option if you feel it better suits your strategy. Run a 0.0003725 stop loss and a 0.0007420 take profit. Good luck friends!