Perfect Bullish Gartley on Daily ETHBTC
Updated
Ethereum is in a perfect bullish Gartley potential reversal zone. A "perfect" Gartley is defined as one that has an AB=CD and a 1.27BC=CD. On top of this we also have the first bullish wiseman signal on the 1D chart and if it were to continue up it would activate the other two signals. There's also the usual bullish divergence and a potential completed triangle pattern (possibly a Wolfe wave?).
On the other hand if this chart were to break down under the low it would be a good idea to stop out and reverse to make back your losses. For now the long-side has great risk/reward, Initial profit objective would be around 0.015 and 2nd target would be around 0.023, if this is a Wolfe wave the target could be as high as 0.034. It will likely be a good idea to get more aggressive on the long side if this breaks above 0.0115
Bitcoin is also looking very bearish so this compliments that set up perfectly and both are extremely good r/r with potential reverse trades if the stops are hit.
On the other hand if this chart were to break down under the low it would be a good idea to stop out and reverse to make back your losses. For now the long-side has great risk/reward, Initial profit objective would be around 0.015 and 2nd target would be around 0.023, if this is a Wolfe wave the target could be as high as 0.034. It will likely be a good idea to get more aggressive on the long side if this breaks above 0.0115
Bitcoin is also looking very bearish so this compliments that set up perfectly and both are extremely good r/r with potential reverse trades if the stops are hit.
Trade closed: stop reached
Seems like this is going to resume the downtrend. Our small initial position got stopped and now it may be profitable to reverse this trade by either taking out an equally small short or by simply holding BTC. Luckily we never got the signal to get aggressive with this trade so our losses have been contained so far, and the reverse trade on BTC has been doing well enough to more than make up for any losses on ETH. Not only that but I personally had been holding bitcoin on my stop buy orders so that also acted as a hedge as well.Since it appears that this Gartley is likely to fail on ETHBTC, we now move to the next signal down which is another Gartley on ETHUSDt around 4.5. This would make sense if ETHBTC began to fall significantly from here.
Note
It's also possible that this was just a stop run, because at this point the Gartley itself isn't completely invalidated only the wiseman signal was. I'd still be careful either way but if the final resistance zone on bitcoin actually continues to hold then ETHBTC could see some gains soon. Also I'd watch for any buy signals on ETH to go long on if the downtrend on bitcoin continues.Note
Looks like we hit my highest target at 0.034. There could be significant resistance here but I wouldn't be surprised if we do eventually continue up from here and break the ETHBTC ATH because this still has a ton of momentum, so long as the lower supports continue to hold on this retracement.
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DON'T MISS TRON MEME SEASON, CATCH $FEELS BEFORE IT DOES ANOTHER 130x BY GOING TO HTTPS://TRONDOOMER.COM AND FOLLOWING THE LINK TO SUNPUMP
$FEELS CONTRACT ADDRESS: TPB97rf5YTuFGBBSGLS1umVzrSvVPHrQ7p
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