RLinda ! ETHUSDT-> H&S and breaking the Uptrend. What's next?
ETHUSDT Breaking it down:
The global trend is still bearish and there is not yet a strong price reaction to change it, recently we saw a bullish movement, which many considered as a trend break. After the price tests the trend line from November 2021, the price reacts and forms a strong downtrend impulse and on the pullback it consolidates under the trend support, and here we see the formation of the H&S pattern.
A new downtrend channel started to form on the chart (even two, local and global. The resistance of the global one is the trend line. The price reaches the right shoulder of the pattern and breaks the support, but a technical pullback is formed and the price is still in the shoulder area, but under the strong resistance (after the false breakdown) at 1597.5.
I assume that if this pattern does not break and the price holds the position under the resistance of 1957.5, then there are all chances for the continuation of the movement to the support of the 915 range. There are also important liquidity zones below, which the price can strive for. The short-term target is the support of 1361, the medium-term target is the liquidity zone 915.
Sincerely R. Linda!
The global trend is still bearish and there is not yet a strong price reaction to change it, recently we saw a bullish movement, which many considered as a trend break. After the price tests the trend line from November 2021, the price reacts and forms a strong downtrend impulse and on the pullback it consolidates under the trend support, and here we see the formation of the H&S pattern.
A new downtrend channel started to form on the chart (even two, local and global. The resistance of the global one is the trend line. The price reaches the right shoulder of the pattern and breaks the support, but a technical pullback is formed and the price is still in the shoulder area, but under the strong resistance (after the false breakdown) at 1597.5.
I assume that if this pattern does not break and the price holds the position under the resistance of 1957.5, then there are all chances for the continuation of the movement to the support of the 915 range. There are also important liquidity zones below, which the price can strive for. The short-term target is the support of 1361, the medium-term target is the liquidity zone 915.
Sincerely R. Linda!
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You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
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🧿Web: rlinda.com
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