Hi.
Looking at the 4 hour chart - and the possibility of a REALLY PRETTY BIG inclined inverse head and shoulders developing.
Not knowing all the "rules" of the H&S pattern, this may be total baloney. But the orange lines seem to be in about the right set of shapes. Interestingly, the purple parallel lines show the shoulders have a very consistent height.
If...
Quick peek at the 4 hour chart - looks like the shape of a bull flag forming after a big run from 503 up to 618.
If this materializes (breakout from flag with volume) it could put us up to the Cup and Handle target that many were calling for around the 680 mark.
Should the price dip below about the 550 area, I'd call this bull flag a bit of bull ****.
Trade...
Looking at the 4 hour chart - could be an inverse head and shoulders forming with the neckline around the 590 mark.
If this pattern plays out, it could have a theoretical target near the realm of 800 - 830.
Keep an eye on the current breakout from the consolidation channel which seems to have strong volume supporting it. This could also push us up to the cup and...
Looking at the 1hr chart, appears we're building yet another bear flag that could take us down into the 415 range. Long-term support that ETH has been above since the beginning of time (April 2017) and has typically been catalyst for large bounces, is sitting at about 400 (angled line connecting lows from April, July, and September 2017 - not shown on...
Looking at the 1hr - ETH seems to have been bouncing off the short-term support at 514 for the last couple days. Watch this as a place to run for the hills if we break through again.
Not a trading recommendation - simply drawing lines at random on a bumpy chart.
Throwing darts with blindfold on and nothing buy hope to guide me.
Looking at the 1-hour chart, I'm seeing what looks like a short-term bull flag forming after the last fairly strong recovery off the ~450 low.
If this pans, out, we could see a move back up around 600 before who-the-heck-knows what happens next.
Or we could keep dropping to (-400) like everyone...
4 hr chart - Appears we're forming a bear flag that could take us under the support at 568, possibly down to 480 territory.
Poorly formed hypothesis at best - don't consider this trading advice
:)
Appears we may be forming an ascending triangle with resistance at the 740 level. Watch for breakout (up or down) as we get closer to the triangle's apex.
Consider going long if a breakout occurs above the 740 resistance and shorting/stop-loss under the slope of the triangle along the hypotenuse.
This is for informational purposes only and should not be used as...
Just throwing a quick idea down before going to get some chinese takout.
Possible H&S reversal forming? Would be a bit weak with the down-sloping neckline.
My first chart!
Looks like we're developing a bit of a downward channel with a recent bounce off of the long-term support from Q4 2017 @ 640 level. Watch this support, as a break may indicate we're reaching for the H&S target near 595 that others have already identified.
*This is for informational purposes only and should not be used as a basis for placing trades
