ETHBTC - Bearish Signals Continue
My standard disclaimer - I am new at this, so please don't view this as analysis from an experienced trader.
On the 15 minute, there seems to be a bit of a descending channel, with a peak around 0.03262.
If it breaks to the upside, this is still part of what MAY be a descending wedge forming on the 1H, with an upper boundary currently around 0.0343. If it breaks downward, the bottom limit of that possible wedge is around 0.0286.
Given the head and shoulders pattern that others have noted (which I agree with), combined with claims of support at the 0.0315 level, I am thinking that 0.0315 is a safe target for now. Once we hit that, we can see if it finds support there and bounces back up for a bit or continues to drop into the 0.028 and beyond that others have predicted.
On the 15 minute, there seems to be a bit of a descending channel, with a peak around 0.03262.
If it breaks to the upside, this is still part of what MAY be a descending wedge forming on the 1H, with an upper boundary currently around 0.0343. If it breaks downward, the bottom limit of that possible wedge is around 0.0286.
Given the head and shoulders pattern that others have noted (which I agree with), combined with claims of support at the 0.0315 level, I am thinking that 0.0315 is a safe target for now. Once we hit that, we can see if it finds support there and bounces back up for a bit or continues to drop into the 0.028 and beyond that others have predicted.
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