EthereumShort
ETH Short idea
Updated
Hello, guys.
ETH broke below the trendline of a very long channel and a triangle pattern. It may do a bearish retest of this channel, however, I see ETH trending down for the next few weeks and months.
Based on Fibonacci retracement and extension, I wouldn't be surprised if ETH reaches the green area, where it could create a gigantic double bottom for great buying opportunities.
PS. You can even notice a forming ascending neckline of a bearish head & shoulders pattern.
ETH broke below the trendline of a very long channel and a triangle pattern. It may do a bearish retest of this channel, however, I see ETH trending down for the next few weeks and months.
Based on Fibonacci retracement and extension, I wouldn't be surprised if ETH reaches the green area, where it could create a gigantic double bottom for great buying opportunities.
PS. You can even notice a forming ascending neckline of a bearish head & shoulders pattern.
Trade closed: target reached
Hello, traders! We can see that ETH makes initial drop almost to 100% Fib extension level, though it is not fully reached, which makes me think that we could see additional drop to the 100% level. Also very important is that this recent drop indeed broke the recent Higher Low (HL), which now clearly suggests that market structure changed to a bearish, thanks to this Lower Low (LL).
Now, that being said, we could wait for a retest of the major trendline that has been broken earlier. On that retest, there might be insanely good opportunity to short ETH to lower levels (not a financial advise). :) so I won't be surprised if we get a pullback at some point to that trendline, but that pullback is probably gonna make a Lower High (LH) of the main structure.
Cheers!
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