$ETH Ethereum Cypher / Bullish Dragon
We've been following this pattern closely on ETH. Locally with the adam / eve bottom (develop the Feet of the dragon) and the larger bullish Cypher, which has given us our type 2.
We still need to break the .236 which is the dragons "hump", and the neckline of the adam and eve.
While it wouldnt be wierd to see a retracement/checkback or consolidation of some kind, short squeezes dont always follow the rules.
We are still targeting 28k on BTC and if that were to play out, id imagine ETH will breakout and confirm the double bottom.
The measured move of the double bottom would bring us up around the .50 retracement, which is confluent with the range high from summer 21, and septembers support thereafter.
The feet of the dragon here form a nice bullish gartley as well on lower time frames, and would also target the 2500 ish range with a 1.618 extension from the PCZ.
We still need to break the .236 which is the dragons "hump", and the neckline of the adam and eve.
While it wouldnt be wierd to see a retracement/checkback or consolidation of some kind, short squeezes dont always follow the rules.
We are still targeting 28k on BTC and if that were to play out, id imagine ETH will breakout and confirm the double bottom.
The measured move of the double bottom would bring us up around the .50 retracement, which is confluent with the range high from summer 21, and septembers support thereafter.
The feet of the dragon here form a nice bullish gartley as well on lower time frames, and would also target the 2500 ish range with a 1.618 extension from the PCZ.