Hello, guys.
ETH broke below the trendline of a very long channel and a triangle pattern. It may do a bearish retest of this channel, however, I see ETH trending down for the next few weeks and months.
Based on Fibonacci retracement and extension, I wouldn't be surprised if ETH reaches the green area, where it could create a gigantic double bottom for great buying opportunities.
PS. You can even notice a forming ascending neckline of a bearish head & shoulders pattern.
ETH broke below the trendline of a very long channel and a triangle pattern. It may do a bearish retest of this channel, however, I see ETH trending down for the next few weeks and months.
Based on Fibonacci retracement and extension, I wouldn't be surprised if ETH reaches the green area, where it could create a gigantic double bottom for great buying opportunities.
PS. You can even notice a forming ascending neckline of a bearish head & shoulders pattern.
Trade closed: target reached:
Hello, traders! We can see that ETH makes initial drop almost to 100% Fib extension level, though it is not fully reached, which makes me think that we could see additional drop to the 100% level.
Also very important is that this recent drop indeed broke the recent Higher Low (HL), which now clearly suggests that market structure changed to a bearish, thanks to this Lower Low (LL).
Now, that being said, we could wait for a retest of the major trendline that has been broken earlier. On that retest, there might be insanely good opportunity to short ETH to lower levels (not a financial advise). :) so I won't be surprised if we get a pullback at some point to that trendline, but that pullback is probably gonna make a Lower High (LH) of the main structure.
Cheers!
Also very important is that this recent drop indeed broke the recent Higher Low (HL), which now clearly suggests that market structure changed to a bearish, thanks to this Lower Low (LL).
Now, that being said, we could wait for a retest of the major trendline that has been broken earlier. On that retest, there might be insanely good opportunity to short ETH to lower levels (not a financial advise). :) so I won't be surprised if we get a pullback at some point to that trendline, but that pullback is probably gonna make a Lower High (LH) of the main structure.
Cheers!