Kaleidoscopic Fractals Emerge in Ethereum! (ETH)

BITFINEX:ETHUSD   Ethereum / Dolar
Hi friends! Welcome to this update analysis on Ethereum! Let's get it! looking at the four hour chart, you can see that the head and shoulders formation that I gave you on the last analysis, has produced a breakdown as expected. The breakdown was sharp, and driven by high volume selling that was nearly five times the average volume . After breaking down, ETH has moved into a bear flag consolidation. The volume and momentum have died down a bit, but that is normal to see during a flag consolidation. You can see that the MACD appears to be flattening out, but we are in a bear flag consolidation, so I wouldn't necessarily view this as an impending reversal. The flag patterns in ETH have generally been very reliable, so the odds are that we will continue to see further downside action in ETH.

Now, I'm sure you've noticed my downside target, for the head and shoulders and the bear flag formation. Interestingly, the downside potential of each pattern corresponds perfectly with the 592.45 area. When multiple formations suggest price targets in the same location, it's usually an indication of fractal relationships in the patterns. In other words, when multiple patterns suggest similar price targets, it's showing you that each formation is a small piece of the whole. Think of it as a kaleidoscope. When you look into a kaleidoscope, you see a series of geometric shapes that nearly or fully represent the whole. Technical analysis is similar sometimes, in that there will be several structures that suggest a convergence on a common point. That doesn't mean that we will get there for sure. Patterns don't always correct or rally to their full potential. However, the size and location of each formation, suggests a common downside target around 592.45. A breakdown from the bear flag will further validate that downside target.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-Magic loves you-

@MagicPoopCannon do you think we will be sub 500 in a few days?
+7 Balas
Bear trap promoted by Magic. Be careful :-) Before that he has promoted the inverted SKS at highs. Now he suggest you to sell. Do it. :-)
+1 Balas
@neo222, you have clearly learnt nothing if you think he is promoting any given direction.
+4 Balas
Thanks for the analysis!

I just wonder, if we analyze ETH and see a pattern like H&S, and then a breakdown, isn't this breakdown actually a result of BTC price fall in this case?
I mean, I am trying to understand what is more relevant when we follow the ETH price, BTC fluctuations or patterns that we could notice on ETH chart?

Thank you!
+5 Balas
fractals nvr lie
+1 Balas
I think it's safe to say almost everything is on its way down in crypto.
+4 Balas
Hi and thank
This morning took 594 we wait more?
Thanks for yoir work
Now I can see a larger head and shoulders pattern, left shoulder starting on 12/7. what do you think?
+4 Balas
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