To buy some pattern we need some reason,, not only because we have extra free BTC or free USD, but we need to analyze why we wanna buy it, at what price and where is our target. in this published idea i will share some reason why i buy ETHUSD.
1. ETHUSD inside symetrical channel up, and this is bullish pattern. 2. ETHUSD already break ascending triangle pattern, and this pattern projection at 393.40 3. Ascending triangle pattern projection at same level with double top pattern 4. rightnow, ETH try to break down channel up, but still hold at 618 fibonacci retracement 5. we can buy from this position and aim for ABCD fibonacci pattern projection at 365.95 as target 1, or aim for ascending triangle projection at double top (393.40) 6. if this channel up break down, ascending triangle failed and fibonacci failed. Next major support at 259.19
Thank you Dian for the analysis and the explanation!
JMLoureiro
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Thanks for the update! Was looking broader analise of ETH and this is perfect!
filbfilb
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nice chart. strong bounce off trend.
Inct73
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Great chart!
traderm42
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Hi Dian - thanks for the analysis - which is always appreciated as part of the wider picture - I would be interested to understand your reasoning to suggest (as I read it) that the apparent double top of the last few days is likely bounce from the fib 0.618 rather than from the lower symmetrical channel boundary at fib 0.786 - what is your experience of a double top breakdown please (assuming that this is the case) - should we be respecting fib 0.618? For example RSI does not seem to give an obvious indication of an immediate uplift, and DMI is relatively ambiguous at the moment. I don't know whether you regard these indicators as useful signs, but would be interested to have your views on whether a fib 0.618 jump is the more likely (indeed this seems to be what you suggest). Be very pleased to hear your views - and thanks again for sharing analysis.