Ethereum ETHUSD Bearish Bat Type-II
Updated
Ethereum ETHUSD has finally caught up with the Crypto rallies but it has retested critical harmonic resistance.
I posted two patterns a few months ago.
1. The Bearish Bat yielded a 30% correction on the initial TYPE-I test and it has now retested the Bat PRZ now sitting above the 400 level.
2. The larger Bearish AB=CD outlined in prior posts defines the upside long-term target at 545.
We have seen a few STEALTH CORRECTIONS in excess of 25-30% over the past many months.
I outlined my BEARISH HARMONIC RESISTANCE for BTCUSD @ 8300 and now ETHUSD is at a similar level.
I am willing to step aside from the hype, taking gains at these levels and WAITING PATIENTLY for another 30% lower before reentering.
I am a Crypto-Harmonic Trader, I believe that these are markets of the future but I must navigate sensibly - no matter what! At these levels, I would simply be ignoring my harmonic pattern rules and chasing a market I am still trying to understand. Therefore, I am in cash on all cryptos FOR NOW! I am investigating AltCoins that seem to have good volume - IOTUSD, XRTUSD - only @ lower prices.
I posted two patterns a few months ago.
1. The Bearish Bat yielded a 30% correction on the initial TYPE-I test and it has now retested the Bat PRZ now sitting above the 400 level.
2. The larger Bearish AB=CD outlined in prior posts defines the upside long-term target at 545.
We have seen a few STEALTH CORRECTIONS in excess of 25-30% over the past many months.
I outlined my BEARISH HARMONIC RESISTANCE for BTCUSD @ 8300 and now ETHUSD is at a similar level.
I am willing to step aside from the hype, taking gains at these levels and WAITING PATIENTLY for another 30% lower before reentering.
I am a Crypto-Harmonic Trader, I believe that these are markets of the future but I must navigate sensibly - no matter what! At these levels, I would simply be ignoring my harmonic pattern rules and chasing a market I am still trying to understand. Therefore, I am in cash on all cryptos FOR NOW! I am investigating AltCoins that seem to have good volume - IOTUSD, XRTUSD - only @ lower prices.
Note
Harmonic Target Reached!
Scott Carney
HarmonicTrader.com
Founder
HarmonicTrader.com
Founder
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.