In the post ETHUSD: Potential Short setup, I showed how ETH might hit mid-500s range from approx 700 due to head & shoulders pattern.
Well, that target was reached, then reached again, then reached lower :panic: :O and it went further than I expected on this move.
I stayed out of Ether for a while but now we see a similar opposite sentiment extreme, mega bear. Buying signals include strong RSI bullish divergence on higher timeframes and falling wedge pattern. Call me crazy but is it time to go long?
Well, that target was reached, then reached again, then reached lower :panic: :O and it went further than I expected on this move.
I stayed out of Ether for a while but now we see a similar opposite sentiment extreme, mega bear. Buying signals include strong RSI bullish divergence on higher timeframes and falling wedge pattern. Call me crazy but is it time to go long?
Note
Any elliot wave fans in the house? Not a prediction, just a scenario. If we have observed wave 1-4, then 5 is yet to come. Typical target for 5 is 1.618x wave 1-3
Note
Taken partial profits here, while we see if ETH can get over resistanceTrade closed manually
Trade closed. Switchedto BTC short (see my latest profile ideas)
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.