I see 3 scenarios:
1) ETH may paint an IH&S with a neckline at 448ish. This means we might continue to range 425-448 for another 36 hours or so. Watch the trend lines on my chart for potential reversal zones completing the right shoulder.
2) ETH also could have just double topped. Look for higher sell volume on a retrace from this rally to increase likelihood of this scenario.
3) If we continue to rally after this consolidation, get over the .5 fib here and find support, that pivot may take it back to 494. Keep an eye on the EMAs and monitor RSI for bullishness.
Measure twice, cut once.
May all of life's treasures be yours.
1) ETH may paint an IH&S with a neckline at 448ish. This means we might continue to range 425-448 for another 36 hours or so. Watch the trend lines on my chart for potential reversal zones completing the right shoulder.
2) ETH also could have just double topped. Look for higher sell volume on a retrace from this rally to increase likelihood of this scenario.
3) If we continue to rally after this consolidation, get over the .5 fib here and find support, that pivot may take it back to 494. Keep an eye on the EMAs and monitor RSI for bullishness.
Measure twice, cut once.
May all of life's treasures be yours.