ETH going for the bull flag or the triangle, Part 2
Updated
Previous analysis played out quite nicely as well for ETH. I have copied a part of it here below, for the ones who forgot what i said and i suggest you write these kind of info down so you don't forget it. This is not just for crypto markets btw. Also compare this with the Alt coin market cap analysis i did the past few months, where i explained/showed a healthy correction and unhealthy one.
With a triangle at a spot like this, we usually see it reach that triangle target (and not the flag pole target). So in other words, if we break up coming days, big chance it will reach 290/300 and then simply turn down again. It could potentially even become a high for the coming months. If we drop and break down from the triangle, then seeing it move inside the 260/220 range coming month or so, it will be more likely to think the big red resistance on the left might break and that we see a much bigger rally coming months. This is because a triangle has a less solid foundation than a flag.
With a triangle we get to see higher lows. So it's more a sign of bulls being eager to get in and bears being more hesitant. So see it as if bear then simply wait for a better moment to start selling/shorting. Now with a bull flag , you can see it as if the bears go in full force, creating some lower lows. But they simply can't break the flag support because there are just too many bulls wanting to get in. If the bulls then win this fight, you can see it as if the path is clear to break resistances because the bears who shorted the triangle are already out of ammunition.
Okay back to the current state of ETH. We have what seems to be an important support zone around 230/35. Don't want to make it looks like an H&S, but we can consider it to be some kind of neckline, so a level of importance. Also during that big dump a few weeks ago, Bitfinex price stopped around 230 while here it dropped to 190 even. But i chose to ignore the 190 and acknowledged the 230 as the low (same as the 7000 for Bitcoin where it dropped to 6400 at others). So several factors telling us, that if the neckline breaks, ugly things can happen. Now i kept the bull flag on the left there, because there is a chance that it might still give some support. Would not value it too much but if we see support/bounce there, it could be because of that.
The 250 is a clear short term resistance now. So we can say the 250/230 is a range where ETH is trapped inside of. But i won't be really looking up until the red zone around 260/5 breaks.
Bigger picture, we still have not seen a huge sell volume candle, so we can say that the trend is still up. However, as mentioned above, the 230ish seems to be a big neckline, so i think that if that one breaks, we could see that big sell candle popping up.
Please don't forget to like if you appreciate this :)
Previous analysis:
With a triangle at a spot like this, we usually see it reach that triangle target (and not the flag pole target). So in other words, if we break up coming days, big chance it will reach 290/300 and then simply turn down again. It could potentially even become a high for the coming months. If we drop and break down from the triangle, then seeing it move inside the 260/220 range coming month or so, it will be more likely to think the big red resistance on the left might break and that we see a much bigger rally coming months. This is because a triangle has a less solid foundation than a flag.
With a triangle we get to see higher lows. So it's more a sign of bulls being eager to get in and bears being more hesitant. So see it as if bear then simply wait for a better moment to start selling/shorting. Now with a bull flag , you can see it as if the bears go in full force, creating some lower lows. But they simply can't break the flag support because there are just too many bulls wanting to get in. If the bulls then win this fight, you can see it as if the path is clear to break resistances because the bears who shorted the triangle are already out of ammunition.
Okay back to the current state of ETH. We have what seems to be an important support zone around 230/35. Don't want to make it looks like an H&S, but we can consider it to be some kind of neckline, so a level of importance. Also during that big dump a few weeks ago, Bitfinex price stopped around 230 while here it dropped to 190 even. But i chose to ignore the 190 and acknowledged the 230 as the low (same as the 7000 for Bitcoin where it dropped to 6400 at others). So several factors telling us, that if the neckline breaks, ugly things can happen. Now i kept the bull flag on the left there, because there is a chance that it might still give some support. Would not value it too much but if we see support/bounce there, it could be because of that.
The 250 is a clear short term resistance now. So we can say the 250/230 is a range where ETH is trapped inside of. But i won't be really looking up until the red zone around 260/5 breaks.
Bigger picture, we still have not seen a huge sell volume candle, so we can say that the trend is still up. However, as mentioned above, the 230ish seems to be a big neckline, so i think that if that one breaks, we could see that big sell candle popping up.
Please don't forget to like if you appreciate this :)
Previous analysis:
Note
Support line for ETH and BTC just broke, at the moment it looks like a standard retest. So it is not allowed to see those red zones break anymore. Because that would invalidate the pattern usually Note
ETH is getting at dangerous levels now. On the left it looks like a bear flag. No real volume yet, but seems that when it breaks and we see volume increase towards the 230ish, things can get ugly. Chances for a break of the 230ish neckline will trigger that big H&S. Still weekend though, so can still be noise
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