TL:DR - bearish descending triangle confirmed, watch for retest of $650 and subsequent failure with price objective tentatively $525.
This is the Eth:USD chart with 4h candles. The Descending Triangle is now confirmed, unfortunately. 80% of my holdings are HODLings so 80% of my portfolio is down big in the last 24 hours so I suffer with the rest of you. Confirmation came with a break of the horizontal trend line followed by accelerated selling on high volume. Again, the price target is around $525.
As I discussed earlier, these patterns often retest old supports so watch for a brief push toward $650 followed by another sell off, this time reaching the target of $525. We are currently at the level where this retest could happen. Day traders can attempt this trade but know that this retest does not *have* to happen (especially in crypto).
I will look for buy and reversal signals as we approach $530 in the next 1-2 days. We could fall further but I currently think this is unlikely. If you want to know why read my BTC analysis here
***This is not investing advice. I am not an investing professional. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
This is the Eth:USD chart with 4h candles. The Descending Triangle is now confirmed, unfortunately. 80% of my holdings are HODLings so 80% of my portfolio is down big in the last 24 hours so I suffer with the rest of you. Confirmation came with a break of the horizontal trend line followed by accelerated selling on high volume. Again, the price target is around $525.
As I discussed earlier, these patterns often retest old supports so watch for a brief push toward $650 followed by another sell off, this time reaching the target of $525. We are currently at the level where this retest could happen. Day traders can attempt this trade but know that this retest does not *have* to happen (especially in crypto).
I will look for buy and reversal signals as we approach $530 in the next 1-2 days. We could fall further but I currently think this is unlikely. If you want to know why read my BTC analysis here
***This is not investing advice. I am not an investing professional. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.