ETH Buyback ZonePurpose:
1. To aid you in determining a TP target for short positions.
2. Avoid loss by entering a long position prematurely.
3. To point out a possible buyback Zone
Description:
Ethereum formed an M pattern.
This pattern satisfies the initial requirements of a Bullish Bat Formation, which are as follows:
1. Mandatory 50% B-point retracement of the XA leg.
2. The C-point should be in the 50 – 61.8% range.
Target:
1. The minimum target of a bat formation is the 1.272 extension of the BC leg. The 1.272 extension is at 2,276 USDT.
The Price Reversal Zone is typically between the 1.618 extension of the BC leg and the 0.887 retracement of the XA leg. This range of 1786-1825 gives us a tight PRZ, which provides us with clear invalidation and a low-risk entry.
God willing, I will update this idea as the PA unfolds in the coming days and weeks.
Best Wishes
