Ethereum Head and Shoulders on the 2HR?

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이더리움 (BITFINEX:ETHUSD)

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BITFINEX:ETHUSD 이더리움

trendanalysis chartpattern indicator ethusd ethbtc bitfinex cryptocurrency

If Ethereum fails to break the downtrend line and breaks through its current support level, it looks like we will gear up for an upright head and shoulders pattern. This pattern gives us two targets to the downside. A MIN TP at $263.43 and a MAX TP at $226.16. Wait for a break and close of the trading range support at $287 on the 1HR. Keep in mind the hourly and daily fibo extensions on the chart, along with the uptrend line that can reverse the market. If the uptrend line is breached, we may have further shorting opportunities.

Alternatively, if we break the downtrend line and move upward, we could hit the hourly fibo extension at $333.06. Lots of resistance up there now, though. The ETHBTC also indicates further weakness in this instrument as it descends against BTC in a falling wedge pattern. This wedge may breakout to the downside.

Cheers and GLWT!
-Erik

코멘트:

At the fibo extension

코멘트:

Breakout! Lets wait for a pattern... interesting reaction to the BTCUSD selloff.

코멘트:

Hmmmm....flag to the extension target? This would invalidate the head and shoulders pattern.

4HR view. Don't forget this could be a downward channel:

코멘트:

No boost in the alts from the current BTC selloff... This casts doubt on the whole "rotation" thesis floating around. You don't get "rotation" when 5 billion leaves the sector.

코멘트:

Bear pennant on the 1HR?

코멘트:

It might want to go the other way again....

코멘트:

Broke to the upside! But, who cares?

Still very bearish in this context

코멘트:

RSI is making a sell signal...we also kissed the top of the descending channel.

Back in the falling wedge here:

코멘트:

I never entered that short since BTC is going so strong...

We broke the trading range support in this chart, but there is a fibo support coming up. This might push ETHUSD up as long as BTCUSD is stable or upward.