ScottCarney

ETHUSD Bat Type-I Reaction

Long
BITFINEX:ETHUSD   Ethereum / U.S. Dollar
The initIal test of the Bearish Bat has now hit the Type-I 38.2% reactive target.
The 4HR now has a Bullish AB=CD at the 38.2% level defining support @ 285.
This sharp reaction - an effective 30% high to low - suggests that short-term swings are clearest on 4hr timeframes.
The Bearish Bat that I have mentioned over the past month served as a clear target to define the upside resistance.
The initial trading opportunity of that pattern is now over, and it may only be a reaction versus a reversal.
Keep an eye on this immediate pattern objective and monitor the price action after the 38.2% target retracement has been reached.
In this case, the sharp drop without follow through marks the end of the "natural harmonic reaction" and begins the Type-II retest.
The minimum AB=CD at or just under the 285 level is the area to look for the minimum retest of the Bearish Bat PRZ at 380....then we will really see.
Scott Carney
http://www.HarmonicTrader.com
Founder

Comments

So you suspect it will retrace back to low 230
Reply
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