ETH back in the news with Double Top 📈📉
Updated
After a failed lower time frame Head and Shoulders, ETH is forming a possible Adam & Even Double Top. Although, the V shape (Adam part) is a bit lower than standard.
Typically found at market bottoms this pattern can also be found at market tops.
It's made up of a rounded left peak, V shape right peak and neckline (support line).
Look for a breakdown of the neckline with a possible retest/rejection.
When trading patterns, always wait for confirmation of the break out for less risk.
Its possible ETH bounces up more before breaking down if this pattern plays out.
It feels like Alt & Bitcoin are teetering on the edge of "Bottoms in" or "50% downside inbound!"
FOMC Meeting Sept 20-21 could be the catalyst.
If your time horizon is not at least 3 years this is a very dangerous area to be in HODL mode IMO.
If you are looking for other swing trade set ups, check out my DOT and ALICE set ups linked in recent ideas. 👇🏻👇🏻👇🏻
Typically found at market bottoms this pattern can also be found at market tops.
It's made up of a rounded left peak, V shape right peak and neckline (support line).
Look for a breakdown of the neckline with a possible retest/rejection.
When trading patterns, always wait for confirmation of the break out for less risk.
Its possible ETH bounces up more before breaking down if this pattern plays out.
It feels like Alt & Bitcoin are teetering on the edge of "Bottoms in" or "50% downside inbound!"
FOMC Meeting Sept 20-21 could be the catalyst.
If your time horizon is not at least 3 years this is a very dangerous area to be in HODL mode IMO.
If you are looking for other swing trade set ups, check out my DOT and ALICE set ups linked in recent ideas. 👇🏻👇🏻👇🏻
Note
ETH broke down. Now, we are looking for more downside or a test of previous support to confirm as resistance into a rejection.Note
If ETH loses its current level the next logical zone to load up is the 1k region or previous bottom lows.If we lose the 1K region we increase the odds of mid 400's ETH but I would not expect it to stay there long.
Note
Everything from the original analysis still stand true on ETH Pattern was formed, neckline (structure) broke down, price came up to retest and was rejected.
Level at 1273 had 6 test and held.
I would like to point out the series of lower highs forming even after the recent 15% run up. Also, on the 12hr ETH formed a local top or Tweezer Top.
I remain Bearish on ETH based on what I am seeing in the charts.
Note
ETH SHORT activated. We have been watching this break down for sometime and it looks like it is just around the corner.
IF ETH closes below 1270 and confirms - We did close below before on Sep 22nd but did not confirm - then eyes immediately go to 1220. A close below 1220 and the chances of seeing a 1k ETH again are so very high.
I went short at 1290 (missed my previous entry by $4 lol) however, for less risk simply wait for the confirmation below 1270. Today will/should be highly volatile with CPI so its paramount to have a stop loss in place no matter where you enter.
No need to chase the trade or feel like you will miss out, there will many many more opportunities.
🐦 Twitter for more updates: twitter.com/JamObv
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