Long

ETHUSD heading for $300 at least.

Updated

ETH left downtrend and started a new up cycle.
Just broke out,wait for a correction. First target is 260, wait for a correction towards yellow trendline.
Dont chase candles!
Updates will follow on lower timeframe.

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Perfect touch of first targetzone @260 and trendline. Right now retracing. Lets wait and see till how far this correction can go.

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First target reached, perfect in the blue box.
Let's see if we get a (small) correction before further up towards 300

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Tagetbox got hit, I'm expecting some pullback now.
Lets see how far before next leg up.
Once pullback is completed, we can determine next target.

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sorry, wrong chart above. No function to edit an update

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After topping out, ETH retraced as I expected which looks to me as a classic ABC-correction. Currently forming a bearish pattern bearflag which indicates more downside.
We have 2 options right now:
1) It doesnt break top at 304 and retraces back to (C)
2) It goes a bit more up as RSI shows it has short term room to the upside and retraces from the little blue box in top.

Trading advice: wait for further correction to (C) and watch price action there for next leg up or go short if it breaks the trendline. I will update if necessary.

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Just a small note extra about Trading Advice: if B extends to the blue box, it will be also a nice short to C. If it doesn't break to the upside!

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So, it was the second option....
Price hit the target zone and is retracing a bit now. If it breaks the yellow trendline, its very likely to visit the blue box in the bottom of channel what should be a good point to consider adding longs for the run to (5)

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Watch price action.....
A break out to the upside changes the pattern

tradingview.com/chart/Z1iG7mSF/

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does it work now?

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On its way.....
I repositioned the targetbox slightly as it became more clear now (B) is in position

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Targetbox got hit already!
Based on RSI + MACD, I'm expecting some more downside. Possible scenario in blue.
Breakout to the upside could be a buysignal, watch priceaction near upper trendline but be carefull as I', still bearish on ETH.

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ETH broke out of the down trend channel but it didnt convince me....
I cant really explain, but I have the feeling it will look for more downside.
Currently in a expanding triangle which is a trend reversal pattern (down)

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ETH is about to finish its 5th leg. Watch priceaction near 5.
I'm still bearish, these 2 channels look like an ABC correction for me.
Lowered my target

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Wanted to upload this chart with the ABC in it:

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Forming a bigger pattern.....
If it breaks, we might have started a new uptrend already. but not yet convinced.
Remember, it already hit my targetbox so the initial correction is in. I was looking if it can go lower.

Crypto_Ed

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