#ethereum - Possible BARR ? (D)Good morning traders,
after we have had a look at BTC yesterday and what to look out for, and a further drop there (still within okeish ranges, but certainly looking a little more bearish now -> BTC violated MA50)
today we will have a look at Ethereum and a very possible scenario in case Bitcoin is going to drop. The BARR (Bump and Run Reversal) is a rather unknown pattern, but for Crypto indeed nothing unusual at all.
We have seen this mid last year on Bitcoin happening when it tested the Yearly Pivot around $8k and do see it on many Altcoins after pumps going possibly parabolic.
I have marked for you in an oval the area we have to keep an eye on here as well, even if BTC will range, if ETH breaks down it can pull down anything else as we know.
The Leadline is crucial here and there is still some room to breath, but it does get tighter from now on. It is basically the same that we look out for here as bullish reversal signs towards the MA50, that we
rather don´t want to see broken in a big red candle.
Targets for this potential BARR are probably somewhere around the Yearly Pivot going down to $160, possibly even further, depending on Bitcoin´s behaviour solely.
Sadly at the moment there is no way to know, if this was the first wave in a new up cycle or a top. Same goes for Bitcoin.
Still for those with long-term positions, there is yet no acute reason to dissolve positions, but please watch the areas marked & leadlines.
In case this breaks up, targets are at least around $300 again.
Happy trading & I would appreciate a like. :)
Neru x
