Short

Ethereum, trend is about to reverse, good time to enter short

Updated

Hello Traders, it seems like we have a valid BAT pattern formed and recent trend is about to reverse. I have set myself two targets with stops above X. Things will get more clear one price drops below trend support line.

Note

Price bounced off the support line, let's see what happens next, I am leaving s\l where it is.

Note

ETH is about to test the strong support line for the 5-th time, if it doesn't hold amid MACD divergence and harmonic pattern the move down will be violent.

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There was an evolution of the harmonic pattern now it doesn't look like the BAT I plotted on the first graph, but we are still well withing the harmonic ratios, I consider current pattern to be valid and my strategy remains the same.

Note

ETH is still hesitant to move, it has been consolidating over the weekends, now we have a triangle on our hands, if it breaks downwards at the same time violating the support line, the move will be violent.

Trade active

Both support line and the triangle had been broken and back-tested, expecting a violent drop. My first target is at 500.

Trade closed: stop reached

FX_CouchPotato

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