- This bullish flag is absolutely ready for a breakout! I am bullish on ETH, and I opened a quick long position. I will exit at the resistance, and after that, I am going to short ETH!
- As you can see, the price is in this rectangle range, and usually the market is ranging 75% of the time, so there is a huge chance that the bears will step in at the resistance! I recommend shorting ETH later.
- In my opinion, there is currently only a 25% chance that this rectangle pattern will be destroyed by the bulls on the first try. I expect a strong rejection and will go back to the POC that you can see on the right side of the chart.
- There are a lot of stop losses above this flag, so I believe the market wants the liquidity.
- From the Elliott Wave perspective, it looks like a corrective tripple zigzag pattern (WXYXZ), because we have an overlap between the major waves, which is not a good sign for the bulls.
- This overlap is a problem. It shows the weakness, and I don’t like it. Let me know in the comment section what you think!
- We have a double bottom pattern on ETH. The neckline needs to be broken to confirm this pattern, but it’s not going to be easy.
- I don’t know what about you, but I am now temporarily bullish on ETH, and I have my orders set to close long and open short at the resistance.
- I wish you a lot of fun during your trades!
- I post trade setups privately. This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing.
- https://www.tradingview.com/chart/ETHUSDT/KmOxgpAB-Ethereum-is-bullish-Bull-flag-is-ready/
