WARNING - THIS IS A HIGHLY SPECULATIVE SETUP. WHETHER OR NOT ETHUSD WILL HIT 60/70 REMAINS TO BE SEEN, BUT I THINK IT'S STILL WORTH KEEPING AN EYE ON. IF WE DO HIT 60-70 LATE MARCH // EARLY APRIL LOAD IT UP, TARGET IS 160-200. STRONG UPSIDE UP TO 200% POSSIBLE.
GOOD LUCK, KEEP AN OPEN MIND AND SET YOUR PRICE ALERTS ON THE LEVELS THAT I POST, LET ME KNOW IF THIS WORKS FOR YOU.
HAVE A NICE DAY RYDERS
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SAME CHART ZOOMED IN /// PROPER SCALING
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ALSO TO MAKE IT CLEAR - THIS IS NOT A SETUP FOR SHORT SELLING. IF YOU SHORT SELL FROM CURRENT LEVELS - YOU ARE DOING SO ON YOUR OWN RISK. AT LEAST SET THE STOP ABOVE THE RECENT HIGH (170-180). I DON'T RECOMMEND SHORTING THIS, UNLESS YOU ALREADY HAVE EXPERIENCE IN SHORT SELLING CRYPTOS.
Also, if I may, I have a more complete picture on the Daily of Bitfinex with a validating Bullish Butterfly within the requirements of the Pattern. Good luck, and any comments are welcomed!
MrJEB
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Afternoon, Trader. I enjoy these patterns, as I too have been following along a Bullish Butterfly on the Daily Chart.
If I may, it looks like the XB is a bit too shallow, and the AC a bit deep. XD looks great, and BD is within the range for sure.
I have been following this pattern since the $103 on Bitfinex, and there will be a great deal of support near the extended XB Line - something to watch. I think your range Buy Setup looks good, should this play out.
Let us keep an eye on this pattern, and if I may, keep an eye on a Cup and Handle that could invalidate this setup (two Bullish Scenarios for ETHUSD):
Bearish Butterfly Invalidates, but Bullish still looking within the range.