ETH at important dangerous levels
Updated
I am going to keep it short on ETH' this time. The strength it had in Dec, is the opposite so far in Jan.
On the right we can see a good bull flag in the making so far. But we all know that usually the opposite happens, so i would be very careful. If the green support breaks, the chances for a failure increase a lot.
On the left i have drawn a bigger picture. If we follow the red line, we could be forming a H&S which will bring it back to the 2018 lows. If that happens, there is a decent chance for a very big double bottom pattern. But that all depends on the support it will have if we get there.
The blue line suggest we might see a drop as well to test the low again, but it is very important we stay above yesterday's low, That green zone has become a neckline, so we need to see it does not touch that zone and make a higher low. If that happens, we could see a counter move happening. If we touch yesterday's low, the break of the neckline will become very likely.
Please don't forget to like if you appreciate this :)
Previous analysis:
On the right we can see a good bull flag in the making so far. But we all know that usually the opposite happens, so i would be very careful. If the green support breaks, the chances for a failure increase a lot.
On the left i have drawn a bigger picture. If we follow the red line, we could be forming a H&S which will bring it back to the 2018 lows. If that happens, there is a decent chance for a very big double bottom pattern. But that all depends on the support it will have if we get there.
The blue line suggest we might see a drop as well to test the low again, but it is very important we stay above yesterday's low, That green zone has become a neckline, so we need to see it does not touch that zone and make a higher low. If that happens, we could see a counter move happening. If we touch yesterday's low, the break of the neckline will become very likely.
Please don't forget to like if you appreciate this :)
Previous analysis:
Note
So the green zone broke and eventually we dumped again (liqs on Mex of course). At the moment we are following the blue line, we stayed above the neckline, which is a good signs so far. But, the right shoulder is quite small, so it could be we will make some more bounces up and down. So i don't expect a big countermove up to happen yet.
Note
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.