ETHUSD’s handle to its c&h is an inv h&s about to trigger
Check out this beauty. A nice,slightly downward tilted cup and handle pattern on ethereum. We can see the handle of this cup and handle is also an inverse head and shoulders pattern, and that inv h&s pattern looks like it’s about ready to trigger/confirm its breakout. If it does the measured move target is right around 4700. If it therefore confirms that breakout it will likely confirm the c&h breakout as well as price action makes it’s way to the inv h&s breakout target. My guess is we will see a breakout within a week or so.
Note
Important to note despite the big green candle yesterday, we have not yet confirmed the breakout of the cup and handle. Don’t open any risky longs just yet.Note
There’s a chance this pattern is a weekly pattern instead of a daily, if so we could see it consolidate for up to 14 days before it confirms. Of course it could also confirm as early as the next daily candle as well if it’s more of a 1 day timeframe pattern. Want to see a big impulse in volume to help confirm.Note
1st target hit!! (In green)
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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.