That is the question....
It looks like we are now testing the previous down-trendline as support. If we loose this, we are back in the down trend I guess.
It also depends on Grandpa bitty.
We just hit resistance which pushed us a bit down to a soft support. There might be an inverse H&S (half shoulder for completion) and with volume, this might help us get us of the next resistance.
We saw a buy candle followed by a bigger sell candle and then another 2 small buy candles that did not surpass the red candle before them. If the pattern is followed we should see only buy candles until it breaks from the triangle.
Otherwise we might expect a price decrease in the next 2-3 hours
This is just a personal reflection and is not intended as...
This is not an idea to trade with, just one which might happen if volume increases and there is a breakout out of the triangle to the upside.
It can also hit the ceiling of the downtrend again and go back down.
The handle should not drop into the lower half of the cup and that means price should not go down to less than 122$
Wait for a handle form. The handle often takes the form of a sideways or descending channel or a triangle. Buy when the price breaks above the top of the channel or triangle.
Only when the price moves out of the handle, the pattern is considered...
If this forms correctly and price goes up, it will also complete the IH&S formation later on during the weekend and will mean more upside paving the way to Constantinople
There is a possibility of an inverse H&S that might complete its formation close to the downward channel. This might be another catalyst for the reversal, especially since good news are expected for ETH in January!
What do you think?
![ETHUSD: [Support] To hold or not to hold](https://s3.tradingview.com/p/PmpnUu8T_mid.png "[Support] To hold or not to hold")
