On bigger timeframe ETHUSD is in a downtrend but showing some bounces, therefore I labelled current bounce as an ABC correction.
This downtrend is also the reason that I'm careful trading this set up but technically spoken, it looks like a nice short term relief rally. If we ever reach C, it has to be seen if we get a continuation of the bigger downtrend or this ABC turns into a bullish 1-5 cycle.
I'm seeing more or less the same for BTC.... 1 more leg up in its bearflag before falling down again. Off course, when BTC starts falling earlier, this set up is invalidated and ETH will follow BTC.
But.... Often I see cleaner patterns in ETH as BTC and maybe this set up is also showing what BTC might do.
To the charts: On 240 you can see the ABC I mentioned., if the set up plays out, it's a bearflag in the downtrend.
Reason for posting this tricky set up it the patterns I see on the 1 hr chart.
It did a 5 legs up cycle, followed by an ABC correction and yesterdays bounce could be seen as an impulsive move, starting the next 5 legs cycle.
After the impulsive move we got a correction which looks to be finished and we might start 3rd leg from here (which is also the 3rd leg in the bigger 1-5).
Keep an eye on MACD and RSI on lower timeframe to detect possible invalidaton of this set up.
Once again: this is a tricky set up, a bounce in a downtrend but hey this is crypto and that ABC might even go much higher. I have seen crazier things in the past years.
ETHUSD
This downtrend is also the reason that I'm careful trading this set up but technically spoken, it looks like a nice short term relief rally. If we ever reach C, it has to be seen if we get a continuation of the bigger downtrend or this ABC turns into a bullish 1-5 cycle.
I'm seeing more or less the same for BTC.... 1 more leg up in its bearflag before falling down again. Off course, when BTC starts falling earlier, this set up is invalidated and ETH will follow BTC.
But.... Often I see cleaner patterns in ETH as BTC and maybe this set up is also showing what BTC might do.
To the charts: On 240 you can see the ABC I mentioned., if the set up plays out, it's a bearflag in the downtrend.
Reason for posting this tricky set up it the patterns I see on the 1 hr chart.
It did a 5 legs up cycle, followed by an ABC correction and yesterdays bounce could be seen as an impulsive move, starting the next 5 legs cycle.
After the impulsive move we got a correction which looks to be finished and we might start 3rd leg from here (which is also the 3rd leg in the bigger 1-5).
Keep an eye on MACD and RSI on lower timeframe to detect possible invalidaton of this set up.
Once again: this is a tricky set up, a bounce in a downtrend but hey this is crypto and that ABC might even go much higher. I have seen crazier things in the past years.
ETHUSD註釋
Leg 3 overshot its target a bit, now in correction.It broke out of pennant, expecting more upside after the correction.
註釋
Moved SL to entry, ETH is looking weak Both in USD as in BTC value
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