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FX_CouchPotato

Ethereum, trend is about to reverse, good time to enter short

Short
Ethereum (BITFINEX:ETHUSD)  
FX_CouchPotato Updated   
BITFINEX:ETHUSD   Ethereum
Trend Analysis Harmonic Patterns Chart Patterns Cryptocurrency
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trendanalysis harmonicpatterns chartpattern cryptocurrency
ETHUSD

Hello Traders, it seems like we have a valid BAT pattern formed and recent trend is about to reverse. I have set myself two targets with stops above X. Things will get more clear one price drops below trend support line.

Comment:
Price bounced off the support line, let's see what happens next, I am leaving s\l where it is.
Comment:
ETH is about to test the strong support line for the 5-th time, if it doesn't hold amid MACD divergence and harmonic pattern the move down will be violent.
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Comment:
There was an evolution of the harmonic pattern now it doesn't look like the BAT I plotted on the first graph, but we are still well withing the harmonic ratios, I consider current pattern to be valid and my strategy remains the same.
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Comment:
ETH is still hesitant to move, it has been consolidating over the weekends, now we have a triangle on our hands, if it breaks downwards at the same time violating the support line, the move will be violent.

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Trade active:
Both support line and the triangle had been broken and back-tested, expecting a violent drop. My first target is at 500.
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Trade closed: stop reached
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