Bullish Bat Pattern BTC/ETC Poloniex
Updated
My thesis is based on the fact that there is from my observations an immediate negative correlation between BTC/USDT and ETH/BTC. BTC has been pumping up for a long while now and an important outside return is expected,, the detph of the draw-down I estimate will be a min of 3% and this turn will make ETH react in the opposite direction similarly. This alongside RSI and Stoch movement.
Targets based ON previous structure, Fib Retrace and ABCD harmonic confluences.
70 percent success rate based on personal historical backtesting results with this instrument thus far.
Targets based ON previous structure, Fib Retrace and ABCD harmonic confluences.
70 percent success rate based on personal historical backtesting results with this instrument thus far.
Note
If price goes into "d" zone, i will begin the process to buy ETH if my signals line up right. If I buy then i will aim to sell in the upper target zone, Now depending on what my indicators are saying i will then decide to take half or all my position in profits
More analysis will be needed at that point.
Let's see how this unfolds,,Enjoy
Note
ok now we are looking at pattern completion in the "d" zone.. signals are lining up for an upward moveTrade active
Note
looks like we had a retest, lets see if this set-up, I adjusted targets with a Bullish Gartley pattern update, personally I have no stop-loss because I believe Eth as a good long-term investment, but if my strat demanded one I would place it there,, CheersTrade closed: target reached
first target have been reachedTrade active
the trade is NOT closed (error in last update)Trade closed: target reached
I see we hit target not too long ago,, this was a fun ride!
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