LewisGlasgow

Ethereum - Harmonic Outlook

BITFINEX:ETHUSD   Ethereum / Dolar
Traders, I advise you to read this entire post to gain a better understanding of what I'm looking at.

It's been a while since my last trading position on ETH, back in August price completed a valid bearish bat pattern (shown on the chart) which was followed by a decline of almost 50% in two weeks.

Taking the time to reflect on Ethereum's situation from a technical standpoint the future direction is now becoming far clearer.

It has been struggling to break the $300 range for sometime now but a move above $400 is on the horizon.

Today I'm going to break down every aspect of the chart and explain in detail what I feel is happening from a technical perspective.

We're on the 4h chart with ETH/USD.

1. Bearish bat



The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886

A closer look on the 4h chart at my previous pattern, take profit levels 1 & 2 were achieved in a relatively short time period.

2. Daily price structure



Right now price is trading within a small zone, between a minor resistance and newly formed support trenldine, which aligns with levels A & C of the bearish butterfly .

3. Bearish Butterfly



The measurements for a valid butterfly pattern are detailed below.
B: 0.786
C: 0.382 - 0.886
D: 1.618 - 2.24
X to D: 1.272

It's not uncommon for harmonic patterns to occur one after another, especially with the previous pattern securing a nice return.

Currently price is completing the C to D leg of this structure and I estimate the pattern will complete on the 30th of November based on my measurement rules shown below.



The amount of time it takes price to form X to B is the projection for B to D.

Now remember, this is not certain... There will be many times when patterns take 2x longer to complete and still result in a profit.

I am only using my common principles to accurately determine the completion of the pattern.

4. Current price action



I would focus on the basics as of right now, I'm looking for a break of minor resistance and the support trendline to hold in order for the bearish butterfly to complete.

In the near future I will update this idea with my thoughts on Ethereum             .

If we experienced a situation where the following happened.



It would still be a valid setup, as long as the C point does not exceed 0.886 and the lower trendline support is in tact.

If the bearish butterfly pattern completes I will let everyone know if it is a good area to short or close long positions, what we may find it the future is price pushes to around $520 at a 1.618 extension .

I hope this post has been helpful, feel free to leave a comment below.
Komen: Extra analysis further indicating a move towards $400.



All main M and W type structures should all carry the qualities of a standard AB=CD.

This formation using the 0.50 C point indicates potential 2.0 which is the reciprocal ratio.

If price breaks and closes above resistance at B, this would open up an AB=CD BAMM trading opportunity.

Final target would be $450 upon completion of the bearish butterfly.
Komen: Price closed above B, keep an eye on price action for a move to $400.
Komen: Expecting price to hit $450 within the next 10 days, I will update further if I see this changing.
Komen: $400 :) I’ll be updating shortly.
Komen: Price broke the high at $412, the bearish butterfly will complete soon.



More updates to follow.
Komen: $440, pattern will complete at $450, technical updates to follow.

Well done to those who held!
Komen: I'm looking at $520 for a short term decline, keep an eye on price action.
Komen: $520 as predicted, I’ll be looking for more opportunities to go long in the near future.
📈 Learn How to Trade the Most Advanced Market Patterns: https://www.sixfigurecapital.com

∙ Telegram Channel: https://t.me/SixFigureCapital
∙ Facebook: https://www.facebook.com/sixfigurecapital
∙ Instagram: https://www.instagram.com/sixfigurecapital
Lewis what you think now about ETH? We start raid to $1000+ ?
Balas
Any update for eth sir ?
+2 Balas
Amazing TA, Gj Glasgow!
Balas
Great job Lewis. I didn't see the 520 call earlier and had a target of 550. Next time.
Balas
@JC350402, always another one coming :) thanks!
Balas
great job !
Balas
LewisGlasgow mcgough_max
@mcgough_max, thank you!
Balas
Great Call, you are not thinking this will go deeper ?
Balas
@rrofaeil, quite possibly but price has returned to the previous ATH.
Balas
great call and solid post.
Balas
MS Bahasa Melayu
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Laman Utama Pengimbas Saham Pengesan Isyarat Forex Pencari isyarat mata wang Crypto Kalendar Ekonomi Bagaimana ia berfungsi Ciri-ciri Carta Peraturan Rumah Moderator Laman web dan Penyelesaian Broker Widget Perpustakaan Carta Stok Permintaan Ciri Blog & Berita Soalan Lazim Bantuan & Wiki Twitter
Profil Pengesetan Profil Akaun dan Bil Tiket Sokongan Saya Hubungi Sokongan Idea-idea yang diterbitkan Pengikut Mengikuti Mesej Peribadi Perbualan Log Keluar