BITFINEX:ETHUSD   Ethereum / U.S. Dollar
HELLO!

What an exciting time to be in crypto. In fact, regardless of where you buy right now with this coin, Ethereum , you are in a SOLID entry when considering the long term.

LETS GET TO IT!

First we start with the daily because this will show the long term potential of ETH and not hourly possibility.

We can see that the head and shoulders pattern was just crushed completely and that was the cause of the massive free fall to the $460 range. It is being held by the pink trend line that has three confirmed touches on both lines, however, i believe we are not done here according to elliot .

We have a bullish gartley in play and this will be completed by a five wave elliot run, which confirms any harmonic pattern in my book.

We can also see at the 78.6 area is a strong level of support which also increases our probability to go long there.

We may see a rise to the 626.06 area just because nothing is ever perfect and charts like to ride our emotions, but we need to see the long term.

We can also see the dragonfly doji which is a bullish signal and it just happens to be at the two trendlines which may cause this bounce, but the following candle sparked little volume which is my overall view is still downward from here. The lower time frames will tell us whether we will go up from here.

Have an excellent day!

I tried spacing everything out for easier viewing
- Also looks like a bear flag forming less there's a large break upwards.
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@ss44, to play things safe, i'm drawing a bullish rectangle. This is on the 1h chart btw. Also noticing once price gets to the top of the triangle there are sharp movements downward that tell me a breakout to the downside. Very exciting.
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