? ETH/USD Bear Flag Break Aims at $200 in Final Wave-5 ?

2 min read

Hi traders,

ETH/USD broke below the support trend line (dotted green) of the sideways bear flag chart pattern, which seems to be a typical shallow wave 4. The bearish breakout could complete a wave 5 of 5 of C at the -61.8% Fibonacci target (when placing the Fib on wave 3) at the $200 mark.

ETH/USD

Day


Of course, bullish price action candle stick patterns will need to confirm the bounce at the Fib target. Strong reversal signals could indicate the end of wave C of a long-term wave 2 and start a long-term uptrend and potential bullish wave 3.

4 hour


As can be seen on our Trading View profile, price would however need to break above resistance trend line and HMA 89 with strong and impulsive candles, then make a pullback that does not break below the bottom, and finally show a bullish continuation.

Good trading,
Chris Svorcik
Elite CurrenSea

Leave a Reply

avatar

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
Notify of

Related articles

September 23, 2022

Key Market Insights September 23

Christopher Svorcik
Presented by
September 22, 2022

Best Crypto Trading Bots For Binance

Elite CurrenSea
Presented by
September 22, 2022

Key Market Insights September 22

Christopher Svorcik
Presented by
September 21, 2022

Best Crypto Trading Bots for Coinbase

Elite CurrenSea
Presented by
September 20, 2022

Forex Brokers That Offer Crypto Trading

Elite CurrenSea
Presented by