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!
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:
correct chart - the ideal timing to bottom is 1 week also
www.tradingview.com/chart/OzwLzHwm/
www.tradingview.com/chart/OzwLzHwm/
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.