ETH Double Top Turning in to a Triangle now?
Updated
There are some mixed signals all over the market, with some alts staying very close to the highs after some big rallies while some have dropped quite a lot already. The Bigger ones like ETH', LTC' and Bitcoin as well looking very good, while XRP' seems to be dead.
Anyway, yesterday ETH' seemed to have formed a solid double top pattern and today it was on it's way down but now the market seems to be making another attempt to move up again. I have seen these kind of things many times already and it usually comes down to if the bulls can manage to touch the high again around 148 like the blue line or make a lower high around 146/147 with low volume and then slowly turn down again like the red line. Seems we have a pattern to work with now, the triangle as you can see on the left.
In my previous analysis i showed a few support levels at the high and the first one around 141/140 did it's work and we saw another bounce to the 148ish high again. Now the bulls are trying to make this higher low to form that ascending triangle, so we can assume that if the 142ish breaks, that bigger correction i was expecting since this morning might still happen.
If the market is able to make this triangle work and make a big strong break out, it would be extremely bullish, because that would be something we have not seen in a very long time. I think we will get an answer within 48h. For more info about the bigger picture, read my previous analysis.
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Previous analysis:
Anyway, yesterday ETH' seemed to have formed a solid double top pattern and today it was on it's way down but now the market seems to be making another attempt to move up again. I have seen these kind of things many times already and it usually comes down to if the bulls can manage to touch the high again around 148 like the blue line or make a lower high around 146/147 with low volume and then slowly turn down again like the red line. Seems we have a pattern to work with now, the triangle as you can see on the left.
In my previous analysis i showed a few support levels at the high and the first one around 141/140 did it's work and we saw another bounce to the 148ish high again. Now the bulls are trying to make this higher low to form that ascending triangle, so we can assume that if the 142ish breaks, that bigger correction i was expecting since this morning might still happen.
If the market is able to make this triangle work and make a big strong break out, it would be extremely bullish, because that would be something we have not seen in a very long time. I think we will get an answer within 48h. For more info about the bigger picture, read my previous analysis.
Please don't forget to like if you appreciate this :)
Previous analysis:
Note
New ETH analysis:
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