Let's be real, get past the dump, and on to trading. Recent price action bounce hasn't retraced past the 23.6% range on the Fibonacci, and this minor uptrend line is being retested without success, looking more like resistance.
If we flipped this around during an uptrend and the Bears couldn't push past the 23.5% retrace range, we would say the trend is strong. Same applies on the way down.
High of the bounce is $145 and the low of the -20.70% drop is around $135 from the high of nearly $170. Looking a lot like a Bear Flag, and a Bull Trap for Buyers on the other side of the EMA 12, 20, 26 and into the $146-$150 price range.
I've also mentioned a Bullish Butterfly that is still in play on the daily because I have been watching it since the $103 range - so far, it's been validating, which would put this move quite a bit lower eventually, along the C to D line.
My assumption is that it won't follow all the way down the line (lots of variables in the way), but it's possible we revisit the $80 range before moving up sometime in Early to Mid April. Still lots of factors in play, including a talked about ascending triangle forming from the 80 and 103 levels with an upper area around the 165 range. We'll see how that plays out.
Good luck, Traders. May you find yourself on the profitable side of it.
~ Harbachan
See Previous Posts on Bullish Butterfly for validation questions:
If we flipped this around during an uptrend and the Bears couldn't push past the 23.5% retrace range, we would say the trend is strong. Same applies on the way down.
High of the bounce is $145 and the low of the -20.70% drop is around $135 from the high of nearly $170. Looking a lot like a Bear Flag, and a Bull Trap for Buyers on the other side of the EMA 12, 20, 26 and into the $146-$150 price range.
I've also mentioned a Bullish Butterfly that is still in play on the daily because I have been watching it since the $103 range - so far, it's been validating, which would put this move quite a bit lower eventually, along the C to D line.
My assumption is that it won't follow all the way down the line (lots of variables in the way), but it's possible we revisit the $80 range before moving up sometime in Early to Mid April. Still lots of factors in play, including a talked about ascending triangle forming from the 80 and 103 levels with an upper area around the 165 range. We'll see how that plays out.
Good luck, Traders. May you find yourself on the profitable side of it.
~ Harbachan
See Previous Posts on Bullish Butterfly for validation questions:
Comment:
Here's the look at Bullish Butterfly vs. Bearish Butterfly on the same Daily Time-frame. Bearish wasn't going to happen unless it closed well above resistance line of previous High. So what we have is a Lower High since 4 Highs-Ago
Trade active:
MACD Looks like its about to Cross on the Daily. TDI showing similar signs to last move downward from previous uptrend at middle of the bands. Price action following Bullish Butterfly down to uptrend line from $80 and $103.
Comment:
Not to mention, the buyers bounce response has been nearly non-existing for the past 3 days. Feels Bearish to me.
Trade active:
Previous ETH Hard Fork. Look Familiar?
Trade closed: target reached:
ETH didn't get the original pop rebound from the Bulls after the initial dump, but the Bears managed to hit the mark on points D. Take your profits.
