ETH left downtrend and started a new up cycle. Just broke out,wait for a correction. First target is 260, wait for a correction towards yellow trendline. Dont chase candles! Updates will follow on lower timeframe.
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Perfect touch of first targetzone @260 and trendline. Right now retracing. Lets wait and see till how far this correction can go.
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First target reached, perfect in the blue box. Let's see if we get a (small) correction before further up towards 300
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Tagetbox got hit, I'm expecting some pullback now. Lets see how far before next leg up. Once pullback is completed, we can determine next target.
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sorry, wrong chart above. No function to edit an update
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After topping out, ETH retraced as I expected which looks to me as a classic ABC-correction. Currently forming a bearish pattern bearflag which indicates more downside. We have 2 options right now: 1) It doesnt break top at 304 and retraces back to (C) 2) It goes a bit more up as RSI shows it has short term room to the upside and retraces from the little blue box in top.
Trading advice: wait for further correction to (C) and watch price action there for next leg up or go short if it breaks the trendline. I will update if necessary.
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Just a small note extra about Trading Advice: if B extends to the blue box, it will be also a nice short to C. If it doesn't break to the upside!
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So, it was the second option.... Price hit the target zone and is retracing a bit now. If it breaks the yellow trendline, its very likely to visit the blue box in the bottom of channel what should be a good point to consider adding longs for the run to (5)
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Watch price action..... A break out to the upside changes the pattern
On its way..... I repositioned the targetbox slightly as it became more clear now (B) is in position
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Targetbox got hit already! Based on RSI + MACD, I'm expecting some more downside. Possible scenario in blue. Breakout to the upside could be a buysignal, watch priceaction near upper trendline but be carefull as I', still bearish on ETH.
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ETH broke out of the down trend channel but it didnt convince me.... I cant really explain, but I have the feeling it will look for more downside. Currently in a expanding triangle which is a trend reversal pattern (down)
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ETH is about to finish its 5th leg. Watch priceaction near 5. I'm still bearish, these 2 channels look like an ABC correction for me. Lowered my target
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Wanted to upload this chart with the ABC in it:
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Forming a bigger pattern..... If it breaks, we might have started a new uptrend already. but not yet convinced. Remember, it already hit my targetbox so the initial correction is in. I was looking if it can go lower.
@Smokwawelski, please dont post your trades in my posts. Its wrong use of Harmonic Patterns. I dont want my followers to be informed in the wrong way.. thanks and good luck in your own posts.
Smokwawelski
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@Crypto_Ed, AS YOU WISH. IF THE PLATFORM IS NOT MEANT FOR IDEA EXCHANGE THEN WHATS THE POINT IN SERVING ONLY ONE POINT OF VIEW..WISH YOU ALL T
Crypto_Ed
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@Smokwawelski, because your idea is not following the rules for harmonics. Besides we could argue if completed "animals on charts" work or not, I just don't like it when you post bad examples in my posts.
You're free to trade and post them, but pls in your own posts. Thanks for understanding.
sRs_n
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What do you think about ETHUSD for now ? Up or down ? :)
Crypto_Ed
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@NikolasBalog, last update is still valid
JWos
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Watching closely, lost my ### trying to catch a few swings over the last few months lost ground from 62 ETH to 41 :/ Hoping to ride this wave up and recover my funds... or if there's going to be a correction selling now at 300 and buying back in at the bottom would work too but I'm not convinced it's going down right now for any sort of a correction. My guess is we are going to see it break up??
Crypto_Ed
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@JWos, We'll let the market decide.... Trade what you see, not what you think ;-)