Chart posted 83=2021 as of 10:00 ET COIN was poised for some gains, but with the recent bearish moves on BTC- this has trickled over to COIN to give the Gartley pattern some difficulty. In doing so there was an embedded deep butterfly pattern that has formed and as you can see COIN failed at the critical point of that pattern. I had hopes this may rebound, but POINT #1 had to see a bounce and support at POINT # 2. It appears price has fallen below POINT #1..and so with these developments I am changing this to a neutral/ short call. Only if we rebound to point #1 and support at point #2 does this reverse and go back upside. This could happen with an engulfing pattern, but for now I am neutral anything below red box is bearish.
Note
Coin is not out of it yet. Green candle has pushed price over POINT #1Note
COIN has passed the #1 test.. we need some support at Point #2 and if we get it (or anything significantly higher).. then this trade will be back LONG for me.Trade active
All criteria has worked and so I am Long COIN... Notice BTC has started moving back up as well from 38-40k .. I do believe BTC is going to make a run back up from here so this should play in nice for COIN tooNote
COIN still ranging... but appears the breakout price is around 246.50Note
Just crossed over the breakout point!Note
Excellent Price action hereTrade closed manually
Target reached!
Moorsc0de aka Crypt0nomics aka Zaphkiel
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Moorsc0de aka Crypt0nomics aka Zaphkiel
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.