ETHUSDT Inverse Head & Shoulder, Imminent Short Term Correction
Updated
>Bullish Bias, but I'm shorting this time since I'm very certain of a coming correction due to the recent run
>Ether is currently struggling to break 810 level but already made a decent run. Expect exhaustion at this point.
>790 is currently a support level with red uptrend line. A break below this level could pull the price to 770-740 range. (this is really possible especially if BTC correct after its recent run too).
>700-720 seems to be a very decent support, so I expect only a correction above this price.
>Break below 700 may cause a reversal.
>My call last time was a cup and handle and I believe it is still in play since we are in a bullish market now. But that kind of run usually happens during December, although this time Consensus 2018 is also a good catalyst. Now I'm still looking for anther pattern, an Inverse Head and Shoulder but still in a bullish scenario.
>It is still lacking some support but I'm considering it with higher possibility. Please be cautious since I only used support and resistance to draw that chart(no fib or what so ever).
*Reminder
>Please be always cautious of your entry and exit trades since ETH most of the time moves almost the same with BTC -1.54%
**Disclaimer;
>This is just my 5th TA, still a novice work and definitely not a financial advice.
**Comments and constructive criticism will be fully appreciated so I can improve more with my TAs. Thanks for checking my work!
>Ether is currently struggling to break 810 level but already made a decent run. Expect exhaustion at this point.
>790 is currently a support level with red uptrend line. A break below this level could pull the price to 770-740 range. (this is really possible especially if BTC correct after its recent run too).
>700-720 seems to be a very decent support, so I expect only a correction above this price.
>Break below 700 may cause a reversal.
>My call last time was a cup and handle and I believe it is still in play since we are in a bullish market now. But that kind of run usually happens during December, although this time Consensus 2018 is also a good catalyst. Now I'm still looking for anther pattern, an Inverse Head and Shoulder but still in a bullish scenario.
>It is still lacking some support but I'm considering it with higher possibility. Please be cautious since I only used support and resistance to draw that chart(no fib or what so ever).
*Reminder
>Please be always cautious of your entry and exit trades since ETH most of the time moves almost the same with BTC -1.54%
**Disclaimer;
>This is just my 5th TA, still a novice work and definitely not a financial advice.
**Comments and constructive criticism will be fully appreciated so I can improve more with my TAs. Thanks for checking my work!
Note
>Alright, 790 has been broken now I'm expecting 790 to be resistance, another 4hr candle below this price may confirm this and I'll be expecting Eth price to 740 or 730 this weekend and another run next week
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.