ETH in Danger Zone, H&S and Triangle, Part 2
Updated
When i posted my previous analysis, the market was in worse shape than it is now. A few hours after my post it even made a decent dump and broke the neckline of this possible H&S , but it went back up just as fast again. Indicating a possible bear trap. However, there has been no follow through yet, making the bear trap assumption less likely!
So if we do not see a move up soon, i would say withing the next 24 hours or so, i think things could get very ugly. I remember from the 6K area, the last 2 months or so before the break of the 6K level, we had more of these fake breaks on the downside, but we never had a real counter move to the upside. So it always went up slightly, but eventually it dropped again, until we finally crashed in November.
On the right we can see a channel, if we break the support, we will probably see another attempt to break the neckline. If we do break that red resistance, we really do need to see a good convincing rally towards 126/28, to make sure we do not see movements the months prior to the 6K brake in November. Inside of this pattern (the triangle, the bears have the upper hand, that is something to remember. Only thing that can give the bulls the upper hand is volume , something we have not seen since Christmas.
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Previous analysis:
So if we do not see a move up soon, i would say withing the next 24 hours or so, i think things could get very ugly. I remember from the 6K area, the last 2 months or so before the break of the 6K level, we had more of these fake breaks on the downside, but we never had a real counter move to the upside. So it always went up slightly, but eventually it dropped again, until we finally crashed in November.
On the right we can see a channel, if we break the support, we will probably see another attempt to break the neckline. If we do break that red resistance, we really do need to see a good convincing rally towards 126/28, to make sure we do not see movements the months prior to the 6K brake in November. Inside of this pattern (the triangle, the bears have the upper hand, that is something to remember. Only thing that can give the bulls the upper hand is volume , something we have not seen since Christmas.
Please don't forget to like if you appreciate this:)
Previous analysis:
Note
New ETH analysis:
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