ETH in Danger Zone, H&S and Triangle, Part 3
Updated
Again another day has past without anything significant happening. Again a small drop and pump with a lot more sideways action. As long as ETH' stays inside that triangle, the bears will be clearly in favor. The low volume is in favor of the bears and that it is so close to the neckline of the H&S.
The problem is, Bitcoin' has a big support zone below it, even up to 3300/250. But if Bitcoin' makes a drop below 3500/450, the neckline of ETH' will probably break and it will likely continue to drop to the Dec low. But i don't see that happening if Bitcoin' stays above the 3200. So in other words, if the neckline of ETH' breaks with very high volume, it would mean the whole market will crash again coming week. So for Bitcoin if would also mean it will prob break the 3000 and who knows how ugly things will get if the 3200/3000 breaks.
I will remain hesitant, until i see a big volume candle in or above that red zone. ETH' also has been very leading of the market the past month or 2, so things just looking very bad at the moment. Now even if we do move up, it is also just as important that we see a big buy volume candle. As we can see in the yellow highlighted area, the green candle is still small. It was the day that Bitcoin' made that bear trap move i mentioned. But now we can see the volume that day was simply not enough to make another push up. So we need more than that. The first red zone on the right is the first resistance the bulls need to break. Getting above the second one could mean the current bear trend might be over. For the bears, that blue zone seems to be a support level as well inside the neckline zone. So that level would also be a first indication of more bearish movement.
Please don't forget to like if you appreciate this:)
Previous analysis:
The problem is, Bitcoin' has a big support zone below it, even up to 3300/250. But if Bitcoin' makes a drop below 3500/450, the neckline of ETH' will probably break and it will likely continue to drop to the Dec low. But i don't see that happening if Bitcoin' stays above the 3200. So in other words, if the neckline of ETH' breaks with very high volume, it would mean the whole market will crash again coming week. So for Bitcoin if would also mean it will prob break the 3000 and who knows how ugly things will get if the 3200/3000 breaks.
I will remain hesitant, until i see a big volume candle in or above that red zone. ETH' also has been very leading of the market the past month or 2, so things just looking very bad at the moment. Now even if we do move up, it is also just as important that we see a big buy volume candle. As we can see in the yellow highlighted area, the green candle is still small. It was the day that Bitcoin' made that bear trap move i mentioned. But now we can see the volume that day was simply not enough to make another push up. So we need more than that. The first red zone on the right is the first resistance the bulls need to break. Getting above the second one could mean the current bear trend might be over. For the bears, that blue zone seems to be a support level as well inside the neckline zone. So that level would also be a first indication of more bearish movement.
Please don't forget to like if you appreciate this:)
Previous analysis:
Note
Since my post it went slowly up and eventually made a small short squeeze which got rejected again from that resistance. But the move was prob just a short squeeze again. Now it looks like it is above a small support now. you can see a smaller triangle i have drawn inside the big yellow one. If it stays above the green (breakout zone), there could be another attempt to move up. If that green breaks, it could be one of those fake breakouts again and we slowly go towards the lows again with a big chance it will repeat all over again. Note
Update analysis ETH:
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.