ETH/USD | AB=CD® Bullish Pattern | But Take Heed

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ETHUSD

Long ETH since 9/USD. This is just an observation as I work through an encyclopedia of chart patterns.

Please note this only signals a reversal 38% of the time per Bulkowski, so this is not a particularly reliable bullish indicator.

We are above the ~$2460 pivot as of this writing and there was a fairly strong floor around that area extending back into late July and RSI is indicating oversold conditions. But if the floor does not hold, the next support (and my stop losses) are around $2300 - $2350 range. If we break $2500 resistance for more than a couple intraday closes, $2600 is easily able to be penetrated, but $2700 remains the current barrier with the market price on August 02 bouncing off $2699 and playing tag with $2600 as a support and resistance before ultimately capitulating to the blood red bears.

If anyone is curious, this can be created using the ABCD tool with each "corner"/point shown in the pattern being one of the four sequential characters of the Latin alphabet. Fib ratios between certain line segments (yay Euclid!) are key to the pattern.

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ملاحظة

Looks like we ran forward to new monthly highs on higher-than-average volume with the latest EIP rolling out in the next few hours. I just bought more after retesting $2700 and will be holding unless a large (currently undefined =) dip triggers a S/L.