Watch out, on the 3 HR time-frame, there is a 3 method bearish pattern that just formed. If the first support cannot catch this fall it will test the second @ 2k. If it breaks and closes below that, run home.
If you look at the size of the symmetrical triangle it makes sense why the dip will be massive.
BUT... There has yet to be confirmation of the downtrend on the hour time-frames. I expect that there will be a test once ETH bounces off one of these supports. This very well COULD be a false breakout. It took almost a month to form this symmetric triangle.. so everything is always scaled up depending on how massive a pattern is.
Good luck guys, trade at your own risk!
If you look at the size of the symmetrical triangle it makes sense why the dip will be massive.
BUT... There has yet to be confirmation of the downtrend on the hour time-frames. I expect that there will be a test once ETH bounces off one of these supports. This very well COULD be a false breakout. It took almost a month to form this symmetric triangle.. so everything is always scaled up depending on how massive a pattern is.
Good luck guys, trade at your own risk!
Trade closed: target reached
