laoowai

ETHUSDT: Head and Shoulders Breakdown Targets for Short and Long

OKX:ETHUSDT   Ethereum/Tether
After a thorough analysis of the ETHUSDT chart on a 6-hour timeframe, I've observed a complete Head and Shoulders pattern, with the neckline breached near point B. The pattern indicates a potential SHORT trade, with a target of point C at approximately the 0.618 Fibonacci retracement level of the prior uptrend, corresponding to a price of 2083.91 USDT.

Upon reaching point C, if the price action suggests a reversal with strong bullish signals, such as a Double Bottom formation, there could be an opportunity for a LONG position. The LONG trade could target point D, which is near the 1.861 Fibonacci extension level of the downtrend, projecting a target around 5104.17 USDT.

Please keep in mind this analysis is based on current technical patterns and Fibonacci retracement and extension levels, which are subject to change with market dynamics. This is not financial advice but rather a sharing of my strategy based on my interpretation of the data. Ensure to conduct your own research and apply proper risk management.

Trade safe and best wishes to all!
면책사항

이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.