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Cryptokingpin92
Aug 7, 2021 1:14 PM

ETH/USD BEARISH Butterfly Harmonic Setup Short

Ether / United States DollarCoinbase

Description

The harmonic pattern as form, all points have met the criteria for the setup.
The last leg of Eth's impulsive move has gone on for 12+ days now
adding confluence of bullish exhaustion. Selling for a sell setup within the
blue lines targeting TP1 and TP2 respectively (denoted by the green lines)
The pullback would be good for further bullish continuation

Comment

Invalidation level - HTF close above $3600

Comment

Still flat position wise, patience.

Comment

Average Entry $3110 (75% of Position filled)

Trade active

Hedged at $3189

Trade active

Closed Hedge at $3117.
Trade either plays out or HTF close above $3300 forces me to manually close
out the trade

Trade closed: stop reached

Stop reached, the market clearly want's higher still keeping this idea open as there is a harmonic setup on Bitcoin. Will be monitoring closely for weakness
Comments
AlkalineFX
Hopefully drops here!
SeyarAb
Bears shall get rekket
Cryptokingpin92
@SeyarAb, I would consider this, if it plays out, a healthy correction before another bullish move up, markets don't go up only
KaizenCulture_
Butterfly pattern
Cryptokingpin92
@KaizenCulture_, that's right
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