Long

ETH Inverted H&S

Updated

After the high of 829 on May 7th ETH has been on a down trend. Dropped all the way to the support level of $402 and rebounded to $480 numerous times before the bears put is in the current situation. We have a valid inverted H&S pattern holding. If we break $410 then the pattern is invalid. If not the next major support is $380. A bounce should put us past $450 to $480 and beyond. 4H chart is starting to show signs of reversal. To buy now or wait for further confirmation or at $420 to $400 if we hold current levels? If not we have a golden op to buy in under $400. As I am writing this we are slowly increasing from today's low.

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ETH is gaining momentum and still inside the Inverted H&S targer. Currently testing targer level of $450. If we push past this resistance then $480 is in site. I would expect a slight retrace otherwise.

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WE hit the $500 mark.

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Could not hold past the $510 mark and started the decline. %20 profit. We broke the down trend line and approaching retest. 4H chart is showing a head and shoulder formation and need to hold current level of 455-470.
ETHBTC is on a very strong down trend. Interesting to see if that means a bounce back to 500 or a drop to 400?
4H, I can't figure out how to attach the actual snapshot in comments.

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1H chart showing a rounding top formation wich could lead to a breakdown low to $440 again.

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1D ETHBTC, Very low volume.

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ETH has been holding critical support at $440 range.We have bounced of the up trend line with resistance at 460.12H RSI crossed above 50. Target $480

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THis played out rather nicely. We finally broke the downtrend and started a new channel. This is the second break out of a descending channel and we are hitting resistance of the previous red down trend and bouncing off of the Up trend line. RSI is rising.
1D

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4H look. We should be able to reach $500 soon. Showing we want to move up. Right at the trend line.

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1H lookiing to drop. I think we will test $460 again soon.

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