Hello traders, it has been a vigorous week on cryptocyrrencies market. After intense decline ethereum pulled back to previous resistance creating a small harmonic bat-pattern along the way. It is a good setup to enter short with targets set near new low. If this bat-pattern stays valid and realizes, there is a good chance that ETH might brake below major support at 765.
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CD leg is still within a valid range that qualifies this pattern as harmonic, let's wait until price brakes blow the support line
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Looks like the price will brake the support now. It climbed pretty high but still well within the range of a valid bat pattern. Let's see what is going to happen, if it actually reverses the decline will be rapid.
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The support has been broken, price bulled back to it, now we should see the rally down
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The price climbed slightly higher than I anticipated and formed so-called advanced harmonic pattern. Nevertheless I still except a rally down. I have slightly adjusting my targets. Good luck to all of us!
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Ok so we had an advance harmonic pattern. Just a quick update of a picture above
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Approaching first target
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First target reached!
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Approaching second target, oh my what a volatility....