ETH.USDT (Y20.P4.E4).Looking to go long
Updated
Hi All,
*** This is a continuation of my previous ETH post, link provided below ***
This is not good news for those who are holding ETH for the coming month, as I said in the previous ETH post, ETH looks more bearish than a correction.
Having revisited the chart structure again, to work out where to enter long, it seems that the inverted BARR approach is confirmed by the current top and hence why this strategy is most applicable.
I will place charts and if you observe them, they will explain themselves.
Close up view, from my perspective
1st we have dropped below a important support level and now its acting as resistance, the red slope trend line.
With this chart below, I have potential 2 targets to chose from to be a reversal area.
1st level is roughly $284.70, based on the Inverted Barr approach. This has confluence with the 0.5 fib level as well as a strong support area, denoted by the boxes. In addition, the above chart shows other support trend lines.
Note the blue boxes as points of resistance. This is scenario 1 which I'm currently leaning towards and 1 would expect a strong bounce here. It will be interesting to see what BTC is doing at the time it reaches here to give extra weight on the decsion.
Scenario 2, has confluence with the 0.618 fib level and my second potential target @ $249.50 ($250)
If you look at my previous post, I have also made commentary from other perspectives and hence with the ABC correction
had 2 possible targets, $287 and $390. The 2nd target, was with the 200 MA on the daily, for a deeper pullback. I now look at $390 less likely than $250
But for now, I will be looking at $313 September support.
Please give me a like or tick for this post.
Regards,
S.SAri
Inverted BARR structure confirmed, based on the current top:
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PREVIOUS POST
====================================================================================
*** This is a continuation of my previous ETH post, link provided below ***
This is not good news for those who are holding ETH for the coming month, as I said in the previous ETH post, ETH looks more bearish than a correction.
Having revisited the chart structure again, to work out where to enter long, it seems that the inverted BARR approach is confirmed by the current top and hence why this strategy is most applicable.
I will place charts and if you observe them, they will explain themselves.
Close up view, from my perspective
1st we have dropped below a important support level and now its acting as resistance, the red slope trend line.
With this chart below, I have potential 2 targets to chose from to be a reversal area.
1st level is roughly $284.70, based on the Inverted Barr approach. This has confluence with the 0.5 fib level as well as a strong support area, denoted by the boxes. In addition, the above chart shows other support trend lines.
Note the blue boxes as points of resistance. This is scenario 1 which I'm currently leaning towards and 1 would expect a strong bounce here. It will be interesting to see what BTC is doing at the time it reaches here to give extra weight on the decsion.
Scenario 2, has confluence with the 0.618 fib level and my second potential target @ $249.50 ($250)
If you look at my previous post, I have also made commentary from other perspectives and hence with the ABC correction
had 2 possible targets, $287 and $390. The 2nd target, was with the 200 MA on the daily, for a deeper pullback. I now look at $390 less likely than $250
But for now, I will be looking at $313 September support.
Please give me a like or tick for this post.
Regards,
S.SAri
Inverted BARR structure confirmed, based on the current top:
====================================================================================
====================================================================================
PREVIOUS POST
====================================================================================
Note
At the micro level, some potential path to the making of the drop.Note
Note
Updates on the mid term are on this post
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This community has signals now but with no risk management comms.
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