Timeframe: 240M
Main Scenario: Ethereum could drop further on the short term after the failure to stay and stabilize above the downside 50% Fibonacci line of the minor ascending pitchfork and after the failure to reach and retest the median line (ml). Price is trading in the red on the short term and seems determined to reach new lows in the upcoming days. You should still wait for a confirmation before you'll go short again on this major crypto.
Alternative Scenario: Price could bounce back from the near-term support levels. It approaches the confluence formed at the intersection between the inside sliding line (sl) of the ascending pitchfork and the outside sliding line (sl) of the descending pitchfork, so, a rejection or a false breakdown will send the rate higher again.
Entry/Stop Loss/ Take Profit: We may have a selling opportunity from the 452.68 level. The Take Profit could be placed at 410.75 level and the Stop Loss at 473.66 level.
Duration: 3-5 days
Consolidation/Ratification level: You can drag the Stop Loss below the opening price if the rate will make a valid breakdown below the lower median line (lml) of the ascending pitchfork.
Warning Level: A valid breakout above the 50% line of the ascending pitchfork will invalidate a further drop.
Risk Management: Risk/Reward Ratio: 2
Main Scenario: Ethereum could drop further on the short term after the failure to stay and stabilize above the downside 50% Fibonacci line of the minor ascending pitchfork and after the failure to reach and retest the median line (ml). Price is trading in the red on the short term and seems determined to reach new lows in the upcoming days. You should still wait for a confirmation before you'll go short again on this major crypto.
Alternative Scenario: Price could bounce back from the near-term support levels. It approaches the confluence formed at the intersection between the inside sliding line (sl) of the ascending pitchfork and the outside sliding line (sl) of the descending pitchfork, so, a rejection or a false breakdown will send the rate higher again.
Entry/Stop Loss/ Take Profit: We may have a selling opportunity from the 452.68 level. The Take Profit could be placed at 410.75 level and the Stop Loss at 473.66 level.
Duration: 3-5 days
Consolidation/Ratification level: You can drag the Stop Loss below the opening price if the rate will make a valid breakdown below the lower median line (lml) of the ascending pitchfork.
Warning Level: A valid breakout above the 50% line of the ascending pitchfork will invalidate a further drop.
Risk Management: Risk/Reward Ratio: 2