I entered the last week being a bit circumspect about the chart's reliability in getting a sense of where ETH/USD might have found bottom coming off the not-too-distant trek to over 400 - then heading almost as quickly for the 130's. That's some serious movement and I thought that the chart would likely be full of noise. I even thought that the chart might be useless.
Today I am stating that the chart has worked beautifully. here is a list of what was pointed out in the last couple of weeks that WORKED.
1. Break of down trend parallel channel was stated as a precursor to a bottom forming
2. Secondary channel (still a down trend) developed that back tested the broken resistance TWICE (little green arrows on the chart)
3. Two descending wedges that did their thing like clockwork
4. Small inverted head and shoulders pattern that ended up being nested in...
5. A larger inverted head and shoulders pattern that broke out just TODAY
6. Small consolidation triangle that formed today and is now in the rear view mirror
The only thing that did NOT work was a potential inverted head and shoulders pattern that became too extended on the right shoulder for my personal taste.
The only thing that stands in the way of ETH/USD and 300 is a potentially rough patch created by the short term high in the 250's back on July 18.
Today I am stating that the chart has worked beautifully. here is a list of what was pointed out in the last couple of weeks that WORKED.
1. Break of down trend parallel channel was stated as a precursor to a bottom forming
2. Secondary channel (still a down trend) developed that back tested the broken resistance TWICE (little green arrows on the chart)
3. Two descending wedges that did their thing like clockwork
4. Small inverted head and shoulders pattern that ended up being nested in...
5. A larger inverted head and shoulders pattern that broke out just TODAY
6. Small consolidation triangle that formed today and is now in the rear view mirror
The only thing that did NOT work was a potential inverted head and shoulders pattern that became too extended on the right shoulder for my personal taste.
The only thing that stands in the way of ETH/USD and 300 is a potentially rough patch created by the short term high in the 250's back on July 18.