πŸ”“ ETH/USD Bear Flag Break Aims at $200 in Final Wave-5 πŸ”“

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

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