EthereumUSDT: Cup and Handle pattern
Price pushed up by the 200day MA on the 1 hour timeframe and by the 50day MA on the 4 hour timeframe where the last phase of the handle is completing at the time of writing.
The pattern is not an ascending triangle as the bigger pattern, the cup and handle, is in play.
Long position
TP around $1600 and SL at $1160
Ethereum has made a second high in previous days to form point C ($1964.97) of a bullish XABCD pattern.
BC made a retracement of 87.5% and therefore we could expect CD to have a given movement of 78.6% retracement from XA. Price action will move upwards from Point D ($1155.70) to complete the Bullish Gartley.
This technical analysis is for educational purposes only.
TSLA could possibly be going through a correction phase of an Elliott Cycle.
After completing impulse wave 5 with candles overextending above the ascending parallel channel, TSLA price retraced 38.2% to complete correction wave A at Fibonacci level of 0.382 ($557.48). Correction wave B may be completed by retracing 61.8% back up from wave A and finally falling to...
USOIL has made a strong comeback after crashing to nothing. It has broken the Fibonacci level of 1 ($43.75) in previous months which has shown strong support.
There could be a potential inverse H&S where the neckline could target the extension level of 2 ($87.50) before falling to create the right shoulder back to level 1 ($43.75) where a rebound is expected to...
BTCUSD has been trading inside an ascending parallel channel and has completed wave 3 of an impulse Elliott Wave after a sharp drop from the Fibonacci level of 1.618 ($57870.92) and retraced almost back to a retracement level of 1 ($41950) to create wave 4.
Bitcoin is now on its way to complete the final impulse wave of 5 with a Fibonacci level of 2 ($67712)...
GBPUSD is trading within the range and has broken into the area of value where it could retest the upper resistance zone (1.479). If it fails, we could expect it to consolidate in the area of value (1.479 - 1.352) or perhaps fall back below the lower resistance zone (1.352)
APPL has formed a bearish XABCD Pattern and looking for a minimum retracement level to 0.382 (107.38). If that level does not hold, we can expect a retracement to the regions of levels 0.5 (95.97) - 0.618 (85.86).
SCENARIO A: If Bitcoin breaks out above of the symmetrical triangle on the 4H chart, it could form a potential XABCD pattern . If it does, we could see strong pullback from point D.
SCENARIO B: If Bitcoin breaks out below of the symmetrical triangle on the 4H chart, it will see a Fibonacci retracement to level 0.618 where the bullish trendline has been holding...
Ethereum has broken out of the ascending triangle on the 4H chart and could be forming a potential ABCD pattern . If it does, we could see a Fibonacci retracement to the region of (0.5 - 0.618) from point D.
Ethereum has broken out of the ascending triangle on the 4H chart and could be forming a potential ABCD pattern. If it does, we could see a Fibonacci retracement to the region of (0.5 - 0.618) from point D.
