EthereumLong
ETH....It's time to go.
Updated
Hello everyone,
I'm back with a new update for our beloved Ether, lets move right in to the 4 hour chart.
As we can see the price is taking the shape of a ascending triangle, last time we saw this pattern it broke down before making a new high, its very possible we will see this kind of movement again.
But it's also possible it might not, because we can see that ETH has found support twice on the 200 MA once before the big move up, and once just recently where the ascending triangle took shape. This means it could possibly already be ready for a break to the upside.
However, the best signal to confirm the breakout would be if we wait for ETH to try to regain control of it's previous ascending support, which is now acting as resistance. After that, we need to see a clear break above the horizontal resistance between 770-800 to confirm that we actually are going for new highs.
The targets range between 840, 895 and 961, depening on where the largest obstacle resides, which is probably around our previous high, so we need to be wary of double top patterns and get trapped in a downward cycle to retest our major support or any other lower lows for that matter.
Regarding the fractal, a move outside the current ascending support would most likely send us back to re test the previous support which is right below our 200 MA right now. If it does not hold we should expect 600 to be the next target for the bears.
The current price level is between two key fibonacci levels and it seems like ether is currently undecisive and we need to see ETH going for a clear objective before knowing it's direction.
Good luck
I'm back with a new update for our beloved Ether, lets move right in to the 4 hour chart.
As we can see the price is taking the shape of a ascending triangle, last time we saw this pattern it broke down before making a new high, its very possible we will see this kind of movement again.
But it's also possible it might not, because we can see that ETH has found support twice on the 200 MA once before the big move up, and once just recently where the ascending triangle took shape. This means it could possibly already be ready for a break to the upside.
However, the best signal to confirm the breakout would be if we wait for ETH to try to regain control of it's previous ascending support, which is now acting as resistance. After that, we need to see a clear break above the horizontal resistance between 770-800 to confirm that we actually are going for new highs.
The targets range between 840, 895 and 961, depening on where the largest obstacle resides, which is probably around our previous high, so we need to be wary of double top patterns and get trapped in a downward cycle to retest our major support or any other lower lows for that matter.
Regarding the fractal, a move outside the current ascending support would most likely send us back to re test the previous support which is right below our 200 MA right now. If it does not hold we should expect 600 to be the next target for the bears.
The current price level is between two key fibonacci levels and it seems like ether is currently undecisive and we need to see ETH going for a clear objective before knowing it's direction.
Good luck
Note
Price broke down right into support, just like the fractalNote
Pretty clear structure to me, looks like we will reside in the bottom area of the current trading structure for now. We actually have two potential head and shoulders formations depending on where we place the neckline, I belive this could be the formation that will happen. What this translates to is that it's very possible that we could go back to the initial bullish swing levels to confirm what trend we are in. We need to get confirmations around the key levels to get more information.Note
This is the other potential HSNote
Note
The first H&S potential i posted will probably have the right shoulder in the same level area of the left one.... made it a bit higher though.Note
We can see that the ascending support right below the channel is acting resistive now... Expecting price to plunge a bit from here.Note
I have put on my best scope on my rifle and I'm ready to snipe ETH againNote
Note
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