ETHUSDT Symmetrical Triangle and Critical Area!
Hello Traders,
Welcome back, today’s update will be on ETHUSDT , an epic short from previous technical analysis!, will ETH continue or rebound back, IMO I think we’ve still got further downside potential…
Points to consider
- Respect of the .236 Fibonacci Level, in confluence with daily support
- RSI grinding on its resistance
- Local resistance at .50 Fibonacci Level
- Stochastics projecting more downwards momentum
- Volume declining rapidly after climax
- Symmetrical Triangle formation, Equilibrium yet to break
ETH was showing signs of retracing but it did really fall off a cliff , mainly fueled by BTC’s recent correction. Price is currently holding and respecting current Fibonacci Level, this area is very critical as it’s of confluence with strong structural daily support.
The RSI is currently grinding up against a key resistance line, where above it; ETH tends to be in a bullish trend (Green Box). Currently we are trading below resistance, signifying that ETH is still in a bearish trend , if not broken (Red Box).
The Stochastics are quite interesting, it too has rebounded off resistance and now trading in a neutral zone, however, it still is projecting more downwards momentum…
The overall volume has been declining, currently below average; we’ve had a volume climax candle that showed buyers being strong below daily support. An increase in bull or bear volume will signify which way ETH is headed.
IMO , it looks like ETH is forming a pattern known as a Symmetrical Triangle on the hourly, in other words, equilibrium before a continuation. We can clearly see this on the hourly time frame. Price is consolidating on the .236 Fibonacci level, coming closer to the triangles apex. A break bearish of this triangle is more probable at current given time, only cause; we’ve entered the pattern on a strong downtrend…
A bearish break will break key structural support; ETH will most likely test lower local support around the $127 mark…
What are your thoughts? Is this a symmetrical triangle?
Please leave a like and comment
And Remember,
Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone
Welcome back, today’s update will be on ETHUSDT , an epic short from previous technical analysis!, will ETH continue or rebound back, IMO I think we’ve still got further downside potential…
Points to consider
- Respect of the .236 Fibonacci Level, in confluence with daily support
- RSI grinding on its resistance
- Local resistance at .50 Fibonacci Level
- Stochastics projecting more downwards momentum
- Volume declining rapidly after climax
- Symmetrical Triangle formation, Equilibrium yet to break
ETH was showing signs of retracing but it did really fall off a cliff , mainly fueled by BTC’s recent correction. Price is currently holding and respecting current Fibonacci Level, this area is very critical as it’s of confluence with strong structural daily support.
The RSI is currently grinding up against a key resistance line, where above it; ETH tends to be in a bullish trend (Green Box). Currently we are trading below resistance, signifying that ETH is still in a bearish trend , if not broken (Red Box).
The Stochastics are quite interesting, it too has rebounded off resistance and now trading in a neutral zone, however, it still is projecting more downwards momentum…
The overall volume has been declining, currently below average; we’ve had a volume climax candle that showed buyers being strong below daily support. An increase in bull or bear volume will signify which way ETH is headed.
IMO , it looks like ETH is forming a pattern known as a Symmetrical Triangle on the hourly, in other words, equilibrium before a continuation. We can clearly see this on the hourly time frame. Price is consolidating on the .236 Fibonacci level, coming closer to the triangles apex. A break bearish of this triangle is more probable at current given time, only cause; we’ve entered the pattern on a strong downtrend…
A bearish break will break key structural support; ETH will most likely test lower local support around the $127 mark…
What are your thoughts? Is this a symmetrical triangle?
Please leave a like and comment
And Remember,
Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone
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