I would not buy above 650
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Greetings, reader!
Similar to BTC, ETH is forming a Gartley pattern but lagging behind in the timeline, as we know, we need to see the two harmonic "wings" (horizontally X to B, and B to D) develop in same lengths until we consider it full-fledged. Then we will wait for a confirmation of reversal near point D.
However, we don't see any support near the area of D, or any sign or reversal for the time being.
My idea is I don't consider buying until 600 to 650 as shown in the chart where 1.27AB ($593) and AB=CD ($620) gives a potential reversal zone.
Please comment, like my idea or share yours, much appreciated!
Similar to BTC, ETH is forming a Gartley pattern but lagging behind in the timeline, as we know, we need to see the two harmonic "wings" (horizontally X to B, and B to D) develop in same lengths until we consider it full-fledged. Then we will wait for a confirmation of reversal near point D.
However, we don't see any support near the area of D, or any sign or reversal for the time being.
My idea is I don't consider buying until 600 to 650 as shown in the chart where 1.27AB ($593) and AB=CD ($620) gives a potential reversal zone.
Please comment, like my idea or share yours, much appreciated!
Nota
We will look for sign of bottom on 4H chart, but it's still early in time, we can expect that to happen in the next 2 or 3 weeks. An ideal setup is that it hold around 600 for some time and drag the MA21 (Green) down close to 650 ish (the purple curve I added ) then break the resistance to the upside.
Nota
correct chart - the ideal timing to bottom is 1 week also tradingview.com/chart/OzwLzHwm/
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