ETH still hasn't reached its H&S target. Interestingly, we see that it has taken three stairs down, each about $180 then repeated bear flags.
At the moment, it's just having a small bounce as my previous post suggested (red arrows):
We're now soundly below 50-week SMA. 200D-50D death cross will happen soon as well. It was a bit oversold, & whales used Easter to pump bitcoin, which has reignited some people's hope. However, we see:
Probably new crash will come. Target is $250 (from 430, or 270 from 450).
At the moment, it's just having a small bounce as my previous post suggested (red arrows):
We're now soundly below 50-week SMA. 200D-50D death cross will happen soon as well. It was a bit oversold, & whales used Easter to pump bitcoin, which has reignited some people's hope. However, we see:
- Thick red resistance line $430
- 50W MA $450
Probably new crash will come. Target is $250 (from 430, or 270 from 450).
Note
correction, 4 stairs down from the right shoulder, each around $180. didn't notice the first oneNote
I didn't get greedy & opened when I posted this one. Seems like that was about as high as it wanted to go.the 50W MA & red trend line are resistances. It doesn't mean they'll be hit. Looks like they weren't (but close).
Note
Looks like it may trade sideways for a day before crashing (to alleviate the oversold condition):Weak shorts will probably close; this results in sideways movement. Once the weak shorts are closed, the lack of real demand will lead to another crash right at the resistance.
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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.