Ethereum: A Running Triangle

Ethereum appears to be inside of a running triangle, besides that it is forming a bigger H&S. If it breaks out of this triangle (down) Ethereum could make a nasty drop downwards.

Comment:

So it broke down and made around a 12% drop since my entry @ $697. It is making a small bounce right now because Bitcoin hit 0.618 fib levels. Not saying that Ethereum follows Bitcoin indefinitely but I think they definitely influence each other. Besides that Bitcoin is not making a big bounce (please take a look on my new idea on Bitcoin for further information). So a further drop is likely but let's first see what Bitcoin will be doing right now. Also, on the daily timeframe Ethereum is almost at the 40 RSI point (important area)

Fib support for Ethereum:
- 0.5 fib @ $602
- 0.618 fib @ $545

Comment:

I took some profits by the way, if bitcoin decides to drop more I will be adding to my short.

Comment:

It will probably drop more now, around ±$465 is what the H&S pattern is telling me. This is also .786 fib support. I'm hoping for a small bounce upwards first where I can add to my short position.

I hope you guys made some profits with this idea, if so don't forget to leave a like.

What are your targets?

Cheers

Comment:

Hit 0.618 fib