ETH in Danger Zone, H&S and Triangle
Updated
On the left we can see that ETH' has touched the neckline of this possible H&S. As you might remember from my previous posts, i gave the option for a failing H&S pattern, which normally would result in a counter move up. But that one failed as well, so it looks like the bears are in control at the moment. We can also see a possible triangle. So even if we see a bounce up from the current level, the bulls need to break at least that triangle. To really get in to the neutral zone again, that red resistance on the left needs to break, otherwise the bears will keep having the upper hand.
On the right we can see, similar to Bitcoin', the attempts to break up get rejected very easily several times now. This is also a sign of weakness. Volume is very low and bad at the moment, which is also in favor of the bears. For the short term, a good indication of what the direction will be, is to watch the green and red zone on the right. Also that possible triangle i have drawn there. Anything in between is just noise with this low volume.
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Previous analysis:
On the right we can see, similar to Bitcoin', the attempts to break up get rejected very easily several times now. This is also a sign of weakness. Volume is very low and bad at the moment, which is also in favor of the bears. For the short term, a good indication of what the direction will be, is to watch the green and red zone on the right. Also that possible triangle i have drawn there. Anything in between is just noise with this low volume.
Please don't forget to like if you appreciate this :)
Previous analysis:
Note
So far it looks like a bear trap, if the bulls can hold it above the 115ish, and make another break up the coming hours, it will prob be confirmed.Note
Now we can see btc and eth making attempts to break resistance levels, but so for not succeeding yet. That red zone on the right really needs to break for ETH.So far things look good, the bulls just need to keep the pressure. Like ETH ideally it stays above 117.4 but a max of around 116.5 (bitmex)
Volume is still okay, but it is not high. So we need much more than this to think of a rally up again.
Note
New ETH analysis:
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