ScottCarney

Ethereum ETHUSD Bearish Bat Type-II

Short
BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Ethereum ETHUSD has finally caught up with the Crypto rallies but it has retested critical harmonic resistance.
I posted two patterns a few months ago.
1. The Bearish Bat yielded a 30% correction on the initial TYPE-I test and it has now retested the Bat PRZ now sitting above the 400 level.
2. The larger Bearish AB=CD outlined in prior posts defines the upside long-term target at 545.
We have seen a few STEALTH CORRECTIONS in excess of 25-30% over the past many months.
I outlined my BEARISH HARMONIC RESISTANCE for BTCUSD @ 8300 and now ETHUSD is at a similar level.
I am willing to step aside from the hype, taking gains at these levels and WAITING PATIENTLY for another 30% lower before reentering.
I am a Crypto-Harmonic Trader, I believe that these are markets of the future but I must navigate sensibly - no matter what! At these levels, I would simply be ignoring my harmonic pattern rules and chasing a market I am still trying to understand. Therefore, I am in cash on all cryptos FOR NOW! I am investigating AltCoins that seem to have good volume - IOTUSD , XRTUSD - only @ lower prices.
Comment: Harmonic Target Reached!
Scott Carney
http://www.HarmonicTrader.com
Founder

Comments

Madness as usual :-)
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Did you tether out or liquidate BTC INTO USD?
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I disagree this morning had a nice rally ...no???
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Agree... thanks Scott
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Thanks Scott, interesting to read your view.
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Thanks very much, this is very good, I will use this.
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