ETH Failing Bull Flag Breakouts
Updated
Since my last analysis, we can see it was quite the shit show since, making fake breakouts on both sides. Never broke the 236 support but it did do a fake breakout of 242. The yellow circles are what i think fake breakouts of the big bull flag on the left. The thick blue line is what i think what the resistance line should be of that bull flag.
In my previous analysis, i thought we would get a test of the 232 zone, to see if we would follow the blue or red line afterwards. Now after the shit show of past week, 236 broke and and it stop hunted it's way down. Just as Bitcoin being at an important support zone (9000+), i think for ETH the first one is this 232. If that one breaks, there is another one around 223/5, which i think might be the last support to prevent a drop to around 200 or even lower. Of course 215ish is a support as well, which could still work, but i think if 224ish breaks, 215ish prob will break as well.
A drop to 200/180 would not put an end to a possible up trend for 2020, would at first just be a higher low. It of course will all depend on how big the drop will be and how big the volume will be. So we would need to judge that as it happens.
On the upside the 236ish is a resistance now, together with that trend line you can see from the highs of past week. Above 240 would give the bulls the upper hand again i think, above that level, 242 stands in the way as well, but don't think the 242 will have much value anymore.
So think important levels now are 224ish and 240ish.
Don't forget to like if you appreciate this, thank you for the support
Previous analysis:
In my previous analysis, i thought we would get a test of the 232 zone, to see if we would follow the blue or red line afterwards. Now after the shit show of past week, 236 broke and and it stop hunted it's way down. Just as Bitcoin being at an important support zone (9000+), i think for ETH the first one is this 232. If that one breaks, there is another one around 223/5, which i think might be the last support to prevent a drop to around 200 or even lower. Of course 215ish is a support as well, which could still work, but i think if 224ish breaks, 215ish prob will break as well.
A drop to 200/180 would not put an end to a possible up trend for 2020, would at first just be a higher low. It of course will all depend on how big the drop will be and how big the volume will be. So we would need to judge that as it happens.
On the upside the 236ish is a resistance now, together with that trend line you can see from the highs of past week. Above 240 would give the bulls the upper hand again i think, above that level, 242 stands in the way as well, but don't think the 242 will have much value anymore.
So think important levels now are 224ish and 240ish.
Don't forget to like if you appreciate this, thank you for the support
Previous analysis:
Note
New ETH analysis:
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