Now, I'm sure you've noticed my downside target, for the and the formation. Interestingly, the downside potential of each pattern corresponds perfectly with the 592.45 area. When multiple formations suggest price targets in the same location, it's usually an indication of relationships in the patterns. In other words, when multiple patterns suggest similar price targets, it's showing you that each formation is a small piece of the whole. Think of it as a kaleidoscope. When you look into a kaleidoscope, you see a series of geometric shapes that nearly or fully represent the whole. is similar sometimes, in that there will be several structures that suggest a convergence on a common point. That doesn't mean that we will get there for sure. Patterns don't always correct or rally to their full potential. However, the size and location of each formation, suggests a common downside target around 592.45. A breakdown from the will further validate that downside target.
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I just wonder, if we analyze ETH and see a pattern like H&S, and then a breakdown, isn't this breakdown actually a result of BTC price fall in this case?
I mean, I am trying to understand what is more relevant when we follow the ETH price, BTC fluctuations or patterns that we could notice on ETH chart?