Pending volume, Eth could go either way

Updated

At the time of writing ETH currently has gone under the 3200 mark, which in itself is not an invalidator, however, we are in a pattern called a megaphone pattern.
https://www.tradingview.com/x/YZawhUXU/
This is usually a pattern seen at the top or bottom of a volatile run and typically indicates a reversal upon the breakout.
We also have a major crossover of the MACD and KDJ into negative territories, as well as multiple bearish regressions, further confirming a bearish outlook in the near term future.
However, there may be light at the end of the tunnel, examine the purple box in the center of the GAN FAN.
https://www.tradingview.com/x/zREcnzGp/
We do have many different options, as the Gan Fan shows the strength of the immediate price movement, and when this current downtrend breaks through the 1:1 ratio and heads towards the 2:1, the right amount of volume can cause the price to move and possibly break above the top side of the microphone, and move us up to the next price target area around the 3.7 - 4 k area depending on risk tolerance. the bearish outlook of that same scenario is the formation of a right shoulder and pushing us below the 3k invalidation mark and back down to retest the 2.3 mark.
Honest advice is to learn how to make money on the ups and downs, set targets, and stick to them, and most importantly, you do not always have to be in the market; sometimes the best move is to sit back and watch.
“In the midst of chaos, there is also opportunity”- Sun Tzu
-The Soup Kitchen Staff

EDIT:
Afterthought, Daily still looking alright as long as we complete the inversion of the MA Ribbon
https://www.tradingview.com/x/jloTZ2qN/

Note

Megaphone broke downwards, expect major support at 2600 area +-50, as the decline remains in a 1:1 GAN

Note

Also Eyes on 4 Hour RSI to oversold, swing trade-off the bounce back to 40 and possibly above.

Note

Good small swing trade in pull out and wait for the bear flag to complete, buy at bottom RSI is primed to spring up. Confirmed by the lack of buying volume

Note

and although no one listens to me on here, you would have come ahead with an altogether 700$ p/Eth multi swing trade in 20 days. don't listen to the big names they are not true to intention.

SoupKitchenManagement

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