Long

Updated

Time Machine (ETH)

Due popular demand I'm publishing my chart before I've got my third confirmation of the pattern I've spotted. I traded this pattern as a experiment 6/5 with success, I managed to catch both the top and bottom (maybe just luck/coincidence?).

So what about the chart?
What we can see here is rally/correction cycle of ETH all the way to the new ATH. The ATH, which i by the way expect to happen around 18/6, is with a peak of around $1600 according to this chart (a number i previously mentioned).

What I'm looking for now is the third confirmation around 17/5 to see if we get a dump. It's entirely possible that we will see a deviation of this pattern, due higher or lower pressure on the market (or maybe even because some whales spot this chart, who knows).

But the trend is clear for now, we are definitly bullish if you haven't been hiding under a rock.

But we have one big problem on our hands,
the current trend is creating higher highs and higher lows in a very narrow triangle pattern, leading us into something called a ascending wedge, which is a bearish pattern.

So, if we don't break out in the confluence zone and out of this pattern, which I'm expecting to happen around 10/5, the outlook will be a bit less bullish for ETH. If we however do break out from the overhead resistance, we should reach a price between $850-975.

This is no financial advice.

Good luck!

Note

Going to line this up with my previous chart and see where it fits in the picture

Note

Pretty clear now, it’s spot on the third confirmation on this chart (The one I’m waiting for! So if this turns out to be true, so does my previous chart!

Note

I tried to fit it in as good as possible, but it looks like but the retrace is much smaller here, at least if we are going to hold the support.

Note

No precision here, but i expect parabolic up move after we pass the green flag.

Note

Also, good to know, the green arrow should always be the biggest dip according to this theory, everything inbetween is just noise, we have small dips and some sideways movement between this and the major waves which peaks out on the red arrows.

Note

This could smash my theory though, as we could go below the support if it goes where it wants to. Just a heads up.

Note

Two bullish pattern supporting a similar price

Note

two for one , same shit, just looks alot nicer to be as double as bullish.
lol

Note

Rough targets. Could possibly go higher, or lower, it moves into my confluence zone, as i said i expect a breakout to the ascending resistance from there.

Now time to sleep :) Good night fellas and ladies

Note

Useful information! Last piece of tonight

Note

Woke up to see price going down, seems like ETH isnt doing it thing really (feels manipulated right now). Both bearish and bullish pattern got invalidated, so my conclusion is that we are in a distribution/accumulation zone and consolidating a bit before next breakout. We already rejected price twice on the lower end so its quite Interesting that price is once moving down close to support area. One last squeeze before breakout, perhaps.

Note

Just noticed this, don't know if there is any validity to it but i thought i'd put it out there:

Note

Descending triangle, but I have no worries, coupled with the trend and the fact that we already have dropped from 800+ we should most probably see a break to the upside. That's my expectation at least.

Note

From what I know about this pattern, it's a bearish pattern, usually it forms during downtrends. But it's also a continuation pattern, and there are plenty of instances of this pattern breaking to the upside (this is my point, we should continue up!).

So i think this is some manipulation, as we have seen both inverse (bullish), and regular H&S (bearish) pattern not playing out their expectations. But this pattern should definitly confirm my bias, otherwise we have been lured into this trend and we are reversing into downtrend (unlikely imo).

Note

Just feeding my bias more, bull flag 1D chart

Note

I should use zoom more often,
it's clearly a symmetrical triangle

Note

If the breakout happens it's fitting in on my zone of confluence (see the green flag), would be amazing if it actually fits in my time based theory

Note

Volume will come, it fits within the pattern

Note

Volume fractal, the last time we had this low volume when we hit bottom Before reversing the trend, good indication of something big cooking.

Note

Trend angle median from last 3 Waves are around 58 degrees, adding pattern price areas and trend we should see something like this...

Note

Not saying its going straight to 1000$ here, but it's definitly a possibility.
I'm expecting around a target of minimum 900$ which is at the overhead ressitance. but since it's in my zone of confluence, plus RSI+volume and pattern are solidifying my projection i see us breaking through in this area (within 8 Days)

Note

moving a head in time again to see where we can end up if/when we reach any of the goals

Note

Breakout, adjusting trend angle from it

Note

so adjusting my target size, it's 876-991

Note

This put the target even closer to my flag.... hmmm :)

Note

850-876$ should not be further than 1½-2 Days away if im right :-)

Note

Thank you everyone for the support

Note

My angle i set out beforehand maybe will act as support...
very interesting

Note

The 58 degree angle is a median of the last 3 waves angles, as i mentioned earlier so im expecting the price to hug around this price, at least if we are going to hit everything on time :)

Note

Typo; expecting the price to hug the trendline angle**

Note

Whops, more like this

Note

I was gonna post this but things got in the way, but we did it!
But the trend angle is less agressive, not the explosive breakout i expected, looks like a slow grind to me, we're still missing that big volume peak, but volume is definitly increasing here. I think it's a bit to early to call out what trend angle we will see (how fast price will move).

I guess we will see this trend angle perhaps, i will adjust it when we establish a clear trend as we just finished the symmetrical triangle (trend continuation).

Note

I think ETH is preparing a bit here.
Another symmetrical triangle (15m timeframe)
Not gonna update for a while now, i'll get back when we get going.
Cya tomorrow

Note

Had some extra time, just wanted to share this with you..
Them triangles... :)

Note

And as one of my followers pointed out, we have formed a bullish pin bar (ETH proned to increase) on the 1d time frame, so everything is running as planned thus far

Note

So many nice comments, I'm overwhelmed...

I guess this is the result of being addicteth to charting :D...
I just look back on some of my oldest chart. Me trying to figure everything out, countless of hours of learning, searching for clues in a mad mad market.

I'm glad i have you guys following this together with me, hopefully ETH will follow us too. I'm going to call it a day now and hope ETH doesn't dissapoint us.

// E.H

Note

LOL I didnt want to give up, wanted to know why price wasnt following my projections fully, it got me a bit a bit annoyed since we already broke through the symmetrical triangle and had a small rally, so i knew there had to be another powerful pattern forming since we did not push higher faster and got rejections on the immediate resistance.. I present the solution here, hopefully final one.

Now i give up! More updates tomorrow

Note

I just can't give up i guess.... This is a very interesting thing.
Remember that little confluence flag i have in my chart?
Well, i just noticed that the large, symmetrical triangle that we "broke out of", well, we didnt touch the sloping trendline much which is a bit suspicious, then i noticed this. Holy moly

Note

It can be a huge one

Note

Scrap the 902 few updates back, because i had placed my trendline wrong by mistake. the update above is correct, i changed it back to its previous position (we clearly did break out)

Note

Moving up, but very slowly here... I think we're building pressure to pop up.

Note

More details

Note

Turnaround, the symmetrical triangle was a continuation of the recent bearish trend, but I think this will be the final dip we will see before shooting up.
We can see that the dip is getting bought up at the .382 fib retracement and also getting stopped out at the downtrend line that was previous resistance.
And we have now passed into my confluence zone where i mentioned that we will see a huge rally. This is a good place to add to your stack.

Note

Was bit tired yesterday. It was obviously ascending wedge , ascending triangles have flat resistance and ascending support. But this doesn't really change the outcome here, this dip will be over soon.

Meanwhile, i'd like to give you all who are not familiar with these patterns a bit of explanation between the different shapes that we can use to determine the trend direction!

Note

Support at the sloping resistance we broke through is under pressure, and it looks like we are struggling to move up, looks like a bear flag is shaping up on the smaller time frame.

Note

Possible target

Note

Remember what i said in one of my earlier posts?

Well this is basically what's happening now. We have a duality of patterns here, that controlled the recent price action, the first one, is a ascending wedge (blue), the ascending wedge is proned to fall out like it did after reaching the pivot. The other pattern in black is a decending wedge .

The descending wedge is a reversal pattern, meaning, we will resume the bullish trend once this pattern is completed, it's the opposite of the ascending wedge.

Coincidentally it is targeting the support i mentioned in my post above.
However, this means that my time based theory may have been invalidated, because the idea of the red Arrow was to indicate the steepest dip before the next move up. But i will continue to work with this chart to see if it carries any significance which i believe it can do.

Note

Edit; the green arrow , not the red arrow, the green arrow's point was to indicate "buy" because it will be the best price at that point, and red sell because it was indicating price topping out.

Note

A reminder :)

Note

Last update for today, bringing some more bullish potential.
Very large bull flag

Note

Broke through the support from the intial bullish swing...
My theory from the confluence zone was it would break UP to the resistance of the ascending resistance from the initial bullish swing... It did exactly the opposite...
Waiting patiently here. Looks pretty bad for ETH atm.

Note

current target high, 630 , low 592

Note

ETH about to make another move, let's see if it decides to go down even more or start recovering.

Note

Upside breakout, two targets

Note

Looks like there is a lot of resistance overhead so would not be surprised if ETH acts like it did previously (fake breakout) ....?

Note

This could have been the trigger for the drop, something i did not see until now.
If it's the trigger, we could see more drop.

Note

Looks like this played out .. ETH being truthful for once :)

Note

In depth.

Note

Typo in above post, "the horizontal support of 620-596 range" !

Note

Also, if we hit the target the likelyhood for a bullish continuation trend is high.

Note

We have reached a pivot point, so i have made a new chart following the current price action more closely. This chart will remain as a open trade because I'm studying how the chart will interact with the price.

ethhunter

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.

ethhunter