hankchef

I would not buy above 650

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
1430 7 6
Greetings, reader!

Similar to BTC             , ETH is forming a Gartley pattern but lagging behind in the timeline, as we know, we need to see the two harmonic "wings" (horizontally X to B, and B to D) develop in same lengths until we consider it full-fledged. Then we will wait for a confirmation of reversal near point D.

However, we don't see any support near the area of D, or any sign or reversal for the time being.
My idea is I don't consider buying until 600 to 650 as shown in the chart where 1.27AB ($593) and AB=CD ($620) gives a potential reversal zone.


Please comment, like my idea or share yours, much appreciated!
Comment: We will look for sign of bottom on 4H chart, but it's still early in time, we can expect that to happen in the next 2 or 3 weeks.
An ideal setup is that it hold around 600 for some time and drag the MA21 (Green) down close to 650 ish (the purple curve I added ) then break the resistance to the upside.

snapshot
Comment: correct chart - the ideal timing to bottom is 1 week also
https://www.tradingview.com/chart/OzwLzHwm/
You guys need to look at BTC price, dumb just consider the one. It will flip and rise agasint BTC rise and will correct from here.
Reply
hankchef kravit43
@kravit43, yes, let's not ignore the correlation between BTC and other Cryptocurrencies. Actually I did an analysis on BTC but although we see that potential reversal pattern currently on BTC, I didn't find any other support - so it's a risky trade here to go long immediately which violates my principle of favorable Risk Return ratio.
Reply
There is a trendline around that area. Also the Target of the Broken rising wedge pennant.
snapshot
Reply
hankchef cherity
@cherity, Nice observations of the wedge, channel and support.

I only use very few (less than 3) indicators now - it helps me focus on the price action itself. But it's really nice to see our analysis coincides - If that support holds valid around there, we might see the reversal.

Reply
cherity hankchef
@hankchef, I'm hoping so. It will have been a text book 535 ABC correction if so and then we will begin a new wave 1 of wave 3 of a much larger cycle. All aboard!!
Reply
hankchef jack_denaut
@jack_denaut, we will rise again..
+1 Reply
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