ETH Head & Shoulders
Updated
Hi guys, hope you all are doing well.
As the title states, we can see a head and shoulders formation on ethereum on multiple timeframes: 3H, 4H, 6H and 12H.
Beforehand ethereum encountered a bearish divergence on both RSI and MACD which resulted with a drop from $249 to $234.6
Anyhow the target of the head and shoulders formation is a price around $228, which happens to be an important support that bulls must hold.
That's it for this analyisis, I wanted to keep it short and simple.
Please leave a comment or a like if you like my idea and if you have any constructive criticism please do share, I'm always looking to improve myself.
Thanks
As the title states, we can see a head and shoulders formation on ethereum on multiple timeframes: 3H, 4H, 6H and 12H.
Beforehand ethereum encountered a bearish divergence on both RSI and MACD which resulted with a drop from $249 to $234.6
Anyhow the target of the head and shoulders formation is a price around $228, which happens to be an important support that bulls must hold.
That's it for this analyisis, I wanted to keep it short and simple.
Please leave a comment or a like if you like my idea and if you have any constructive criticism please do share, I'm always looking to improve myself.
Thanks
Note
Stop losses were sweeped just above the shoulder. Even with the stop hunt for shorts eth failed to break the neckline and so the trade was cancelled.
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