Ethusdcrypto
Ethereum under triangle's supportEthereum also recovered some losses since late January, but, unlike Bitcoin, the last leg up just touched 3k, around 8% lower than the first, giving us an indication that the coin is weak.
Looking at the chart we can see that a symmetrical triangle has formed and now the price is under rising trend line support.
Triangles are continuation patterns and the target for Ethereum is 1700 which is in line with a very important horizontal support.
EthUsd back above 2800 would put a pause in this scenario.
Sell Limit ETHUSDWhat I see:
- Price is looking to complete the 2nd half of the head & shoulders
- 5 rejections from zone
- 3 rejections from support zone
- 3 rejections from resistance trend line
- 2 rejections from support trend line
- Stochastic is oversold and crosses in the 4hr chart
- Price is currently around a previous major structure level (2558.48)
- Stochastics in the daily chart is heading towards oversold.
Price will most likely long towards 2799.75 "SAFE SELL ENTRY" for a zone retest as price is currently around a pivot point, stochastic is oversold in 4hr and there's a hammer candlestick confirmation.
After, I'll be expecting price to short towards the ascending trend line. More specifically, 2418.30.