ETH Bear Flag or Bear Trap
ETH is at a similar spot as Bitcoin, giving us an answer to whether we are entering a bear market again coming months or that a trap is being set and we continue the bull trend that started a year ago.
The bear flag on the right is what might give us the answer for this, similar to Bitcoin's H&S. The guideline for me is the bear flag. At the moment i am neutral with bears being slightly in favor, because things simply look bad. the past weeks. What is it that will give me THE answer for the coming months? Is whether we touch the 138/140ish zone again or not, like the red line is showing. If that happens, than my view will become bearish. Even if we see a big bounce then as the red line shows, but staying inside the bear flag, it remains bearish.
Now what bulls want to see, is this leg in the bear flag not reach 140, but staying as high as possible. Showing bulls are eager to get in at the middle ground and NOT at the low. So something more like the blue line.
Short term, we can see a triangle on the left, just as Bitcoin has done past days, making a meaningless break and going opposite direction again. It is also possible that we are inside a bigger triangle, the yellow one. If so, we could come back down again and see another test of the 146 zone. Ideally we see price get stable there with average volume. If we reach 146 and volume dies, than big chance support will break and we dump.
So can't really say what will happen coming 24 hours or so, but think my guidelines are clear and might be very helpful for the coming weeks. There is another important issue, but best to follow my Bitcoin analysis for that, otherwise would make this analysis too complicated. It's about the retest of Bitcoins bearish wedge and drop again.
Previous analysis:
The bear flag on the right is what might give us the answer for this, similar to Bitcoin's H&S. The guideline for me is the bear flag. At the moment i am neutral with bears being slightly in favor, because things simply look bad. the past weeks. What is it that will give me THE answer for the coming months? Is whether we touch the 138/140ish zone again or not, like the red line is showing. If that happens, than my view will become bearish. Even if we see a big bounce then as the red line shows, but staying inside the bear flag, it remains bearish.
Now what bulls want to see, is this leg in the bear flag not reach 140, but staying as high as possible. Showing bulls are eager to get in at the middle ground and NOT at the low. So something more like the blue line.
Short term, we can see a triangle on the left, just as Bitcoin has done past days, making a meaningless break and going opposite direction again. It is also possible that we are inside a bigger triangle, the yellow one. If so, we could come back down again and see another test of the 146 zone. Ideally we see price get stable there with average volume. If we reach 146 and volume dies, than big chance support will break and we dump.
So can't really say what will happen coming 24 hours or so, but think my guidelines are clear and might be very helpful for the coming weeks. There is another important issue, but best to follow my Bitcoin analysis for that, otherwise would make this analysis too complicated. It's about the retest of Bitcoins bearish wedge and drop again.
Previous analysis:
Related publications
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.