Inverse Head and Shoulders on ETHUSDT
Looks like ETHUSDT is forming an inverse head and shoulders on the daily time frame. I see a line of support in the the short term at 634, and if we see a sustained bounce, we could see lengthy bullish action to confirm the H&S pattern upward. Of course, it will rely on BTC to confirm as the correlation is still strong, but ETH can be a good signal, since it is the strongest of the big 3 right now. It can all be negated if the neckline is broken, but we have a long way to go to break it. With some positive bullish news coming in the next week or so, we could see some good upward movement towards the end of the month.
**Not financial advice - DYOR** Just my observations. Note - I do hold a small amount of ETH, along with other altcoins.
**Not financial advice - DYOR** Just my observations. Note - I do hold a small amount of ETH, along with other altcoins.
Note
Looks like we are confirming the inverse H&S on the hourly I was seeing last night and now watching that sustained upward movement. We broke through resistance at the 737 mark and our next heavy resistance will be in the 763 to 766 range. We are a bit overbought on the 15 min, so we might see some consolidation before we continue up.Note
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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.