Bear Pennant, Hidden Bearish Divergence
Updated
I don't post often, only to point out stuff that sticks out as obvious to me. Red line indicates hidden bearish divergence with higher highs on MACD and lower highs on price. Chart pattern is currently forming a Bear pennant with a target of 148. I've sold and set my buys accordingly.
While there seems to be some drama regarding Parity, as far as I can tell, Ethereum is set for smooth sailing ahead with Phase 0. With that said, Ethereum could still be following Bitcoin's movement as per usual, or the greater economic uncertainty in general. While I'm short short-term, long-term I'm long and am building my stack. With that said, if I read this wrong, I'm still in the green and can look for the next setup.
As always, this is for educational purposes only. I may be awesome, but I'm not a professional and nor is this professional advice.
While there seems to be some drama regarding Parity, as far as I can tell, Ethereum is set for smooth sailing ahead with Phase 0. With that said, Ethereum could still be following Bitcoin's movement as per usual, or the greater economic uncertainty in general. While I'm short short-term, long-term I'm long and am building my stack. With that said, if I read this wrong, I'm still in the green and can look for the next setup.
As always, this is for educational purposes only. I may be awesome, but I'm not a professional and nor is this professional advice.
Note
It hit my first buy but didn't drop as far as anticipated. While the bearish structure is still intact, I am less certain of the probability of breakdown and target. We may see a consolidation period and then a later move down unless the structure improves.Trade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.