ETH Ethereum Big Inverse H&S Against the Triangle
Updated
In my previous analysis i said that we could drop towards the 110/108 levels, based on 2 triangles giving that target. I also said that it could potentially be a long term low because the volume was good while that low was being made. We made a decent bounce up with good volume but we never got above the 130ish level and the strength of that rally has been fading away since. I see a few options here with the bearish version being the big inverse H&S. If we break the triangle (chart on the right) on the downside, that blue line on the left becomes very likely, i think only the previous low around 104 can stand in the way of that.
The only way i still see this being a long term low, is if we see a very big rally reaching the 150/160 levels with high volume. That should happen withing a few days. Otherwise we could still see a breakout of that triangle on the upside, but if we don't see a big rally happening, i think it will just be a matter of time again until we start to drop towards the lows again.
So for now it's guessing, because Bitcoin' is bouncing up and down between levels as wel at the moment. A break of the triangle on the right could give a very good indications of wat the game plan will be.
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Previous analysis:
The only way i still see this being a long term low, is if we see a very big rally reaching the 150/160 levels with high volume. That should happen withing a few days. Otherwise we could still see a breakout of that triangle on the upside, but if we don't see a big rally happening, i think it will just be a matter of time again until we start to drop towards the lows again.
So for now it's guessing, because Bitcoin' is bouncing up and down between levels as wel at the moment. A break of the triangle on the right could give a very good indications of wat the game plan will be.
Please don't forget to like if you appreciate this :)
Previous analysis:
Note
So tested the upside of the triangle and got rejected AGAIN. Now we have dropped below that triangle but still above that green support zone. This would normally just be a small bear flag before it continues down. If bulls can push back in the triangle, things become 50/50 again.Note
So first support broke, now we are close to this important one around the previous low. If we see a violent break with high volume, that blue line on the left might become reality. I don't think this low will break today, but i am sure as ... not betting on it
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