Hello my friends!!! Welcome to this update analysis of ethereum! Looking at the 2 hour chart, you can see that the double top pattern which I thought would be created (in my previous analysis), became a pattern that looks more like a double bottom. Ethereum bounced at the support line (in pink) which goes straight through the middle of the double bottom pattern. This double bottom can also change into a rectangle or triple top. For now it looks like the double bottom is the most obvious pattern.
In my previous analysis I also said a cup and handle pattern can be formed, this is still valid! If ethereum manages to go up in the next couple of days, a handle can be created which finishes the cup and handle pattern. I wouldn’t count on it though, there has been a huge volume spike when the beginning of the handle was created and that is not usual.
I am still bearish about ethereum but I will keep this cup and handle pattern in the back of my head.
Now, If we look at the big picture, you can see a huge head and shoulders pattern has been formed with its neckline at about 600 dollars. The head and shoulders target is around the 76% fibonnaci retracement, which is 340 dollars. This is also a huge support. If ethereum breaks through this support, It could go towards the 280 dollar level, Which is the next very big support. I think the bottom for ethereum is between 340 and 280 dollars, which is also the buy zone I illustrated in pink.
Yet again I have to say that the wales are the big players here who can manipulate the price. This makes it harder to find patterns which have been created naturally. Patterns can change unexpectedly, but don’t worry! I am trying my best to make it easy for you guys to understand!
I will show you the horizon.
Leave a like and some love,
Greetings Krypton!
In my previous analysis I also said a cup and handle pattern can be formed, this is still valid! If ethereum manages to go up in the next couple of days, a handle can be created which finishes the cup and handle pattern. I wouldn’t count on it though, there has been a huge volume spike when the beginning of the handle was created and that is not usual.
I am still bearish about ethereum but I will keep this cup and handle pattern in the back of my head.
Now, If we look at the big picture, you can see a huge head and shoulders pattern has been formed with its neckline at about 600 dollars. The head and shoulders target is around the 76% fibonnaci retracement, which is 340 dollars. This is also a huge support. If ethereum breaks through this support, It could go towards the 280 dollar level, Which is the next very big support. I think the bottom for ethereum is between 340 and 280 dollars, which is also the buy zone I illustrated in pink.
Yet again I have to say that the wales are the big players here who can manipulate the price. This makes it harder to find patterns which have been created naturally. Patterns can change unexpectedly, but don’t worry! I am trying my best to make it easy for you guys to understand!
I will show you the horizon.
Leave a like and some love,
Greetings Krypton!
Comment:
For now I am beginning to feel bullish for ethereum.
We really have to wait for a confirmation above the resistance line.
The target of the handle and cup pattern is at about 450 dollars, but this is only valid if there is a breakout above the resistance of the handle.
We really have to wait for a confirmation above the resistance line.
The target of the handle and cup pattern is at about 450 dollars, but this is only valid if there is a breakout above the resistance of the handle.
Comment:
I widened the handle, It is still possble we get a breakout but not likely. It seems the resistance line is too strong and we lost momentum
I widened the handle, It is still possble we get a breakout but not likely. It seems the resistance line is too strong and we lost momentum
It looks like ethereum is following the exact cup and handle formation I predicted.
Now we need to wait for a confirmation above the resistance line to confirm the cup and handle pattern, If ethereum does not manage to break the resistance line, It could fall back to the support line at 390 dollars