Hi Folks hope you are doing good, this bearish trend is helping many tokens and cryptocurrencies to complete their final bearish legs to form bullish patterns and Ethereum is also one of them. On 2 day chart the Ethereum is forming bullish Crab pattern, and soon it will be entered in potential reversal zone but before that we will need some more bearish trend. Let’s dig this pattern deeper to observe how perfect this pattern is formed: After initial leg (X to A) the A to B leg is retraced between 0.328 to 0.618 Fibonacci and then B to C leg is projected between 0.382 to 0.886 of A to B Fibonacci projection area and last leg (C to D) should be retraced between 1.27 to 161.8 Fibonacci.
Buying And Sell Targets: The buying and sell targets according to harmonic Crab pattern should be:
Buy between: $69.28 to $8.87
Sell between: $116.26 to $230.36
So if the final leg will be retraced up to maximum extent then this pattern can produce up to 2497% big gains.
Stop Loss: The potential reversal zone area can be used as stop loss in case of complete candle stick closes below this level.
Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.