ETHUSD | Potential Head and Shoulders | Be Careful
Potential H+S pattern forming. No 3D perspective tools on TradingView's platform, but you can see the outline conformationally unfolding in this rotated, larger frame frame of reference
In the 15m inute timeframe you can see this more clearly: the pattern is scaling from the larger to the smaller timeframe and if not a H+S from our last retest of ATHs it could be a H+S complex. Potential for dip to 3400 - 3650 range here, but I will update as I calculate the potential dip or if the pattern seems to be changing.
https://www.tradingview.com/x/7tH1Rf3B/
Medium-term (weeks to several months) I am bullish on ETH and long-term extremely bullish. But it may take several weeks to play out the medium-term scenario and for retracements to occur — potentially to as low as 3200.
Just my guess of my own and a "brace yourself" to all the honest bulls out there who may also be looking for a new ATH.
I do believe it will arrive.
Be patient and HODL if you can, but take profit when you must.
Been with ETH since 2016 and not leaving anytime soon.
HODLling and daytrading ETH myself. I have no short positions on this stock or derivatives of it as underlying.
Good luck.
In the 15m inute timeframe you can see this more clearly: the pattern is scaling from the larger to the smaller timeframe and if not a H+S from our last retest of ATHs it could be a H+S complex. Potential for dip to 3400 - 3650 range here, but I will update as I calculate the potential dip or if the pattern seems to be changing.
https://www.tradingview.com/x/7tH1Rf3B/
Medium-term (weeks to several months) I am bullish on ETH and long-term extremely bullish. But it may take several weeks to play out the medium-term scenario and for retracements to occur — potentially to as low as 3200.
Just my guess of my own and a "brace yourself" to all the honest bulls out there who may also be looking for a new ATH.
I do believe it will arrive.
Be patient and HODL if you can, but take profit when you must.
Been with ETH since 2016 and not leaving anytime soon.
HODLling and daytrading ETH myself. I have no short positions on this stock or derivatives of it as underlying.
Good luck.
Note
I do think we are going lower. Still contemplating the chart and want to post some images but need to figure out how to make this framework do its magic.Note
But I see evidence to support exponentially higher as well on midi-timescales (four-six Months out). I'll see what I can put together. Can never rule out the possibility of a parabolic breakout again within days or weeks. That's something I initially was trading on and thought could happen 70/30 given certain social and economic trends. But I am now 50/50 on that possibility, so the conservative bet is to keep trading how you would and presume a short-term retracement before retesting ATHs. If you have a small amount of your trade you can separately manage as your "parabolic bag" with a slightly longer timeframe til confirmation, then that is fine. I have HODLed coins for that purpose; they are a bet for the future. If you are trading ranges now you might be trading the resistance keep in mind. Fewer and smaller scalps for me now until we break lower and find our ground or have more definite uptrend confirmation. But if we go parabolic, I have my coins I'm HODLing of which the "bag" ones become a part of the collectively HODLed base. I find 5-10% of the entire HODL collection that I will then take profit with every $1-3k delta over previous TF price.Note
While the pattern has seemed to change to a (typically bullish) inverted H + S on m30, at the current volume I don't see us reaching ATHs today (at least not without a crash down right after) but things are fluid and I am still 50/50 on the possibility. The I H+S will fail, is my guess, and we will correct downward. But if we do dip, look for small buying opportunities (if you are on the very bull case of soon ATHs) in the 3850s-3890s of the next shoulder forming.Big risks. Big rewards. I am mostly out. I only have 2 ETH set for bagging if this reaches ATHs.
Too risky for me at the moment, especially with the fakeouts.
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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.