Bear trap ahead - Giant "fake" SHS
Updated
So, as I mentioned in my previos analyis on ETH I said that I won't rule out another stop hunt below ~2800$ for ETH and this is the reason why I believe so: If you are a bear, this is probably what you are looking at: A huge IHS with the neckline around ~2825$ which would give a target of 2k. But knowing the market for almost 10 years now I think I know what happens next :)
These huge and OBVIOUS shoulder-head-shoulder patterns fail almost every time, or at least >90% of the time. So pretty sure we are about to see a nice bear-trap coming days which means a stop hunt below 2800 to ~2700-2750$ hold there for 1-2 days and then see an aggressive push above the "neckline" again.
Do what you will with this information :) I start longing from the range lows with bids down to 2700$
Stay safe!
These huge and OBVIOUS shoulder-head-shoulder patterns fail almost every time, or at least >90% of the time. So pretty sure we are about to see a nice bear-trap coming days which means a stop hunt below 2800 to ~2700-2750$ hold there for 1-2 days and then see an aggressive push above the "neckline" again.
Do what you will with this information :) I start longing from the range lows with bids down to 2700$
Stay safe!
Note
In case you wonder what SHS I am even talking about: Left shoulder from april to may, top of the head around 4k at end of may, early june and then obviously the right shoulder at ~3500 end of july :)Note
And it really happened... Now we have to hope that I my idea is correct and 2700$ is going to hold.
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