TL:DR - Inverse H&S potentially dead, the dotted red downtrend and 10 MA act as resistance and support respectively at $609ish and $579. If there isn't some sort of good news in the next day or two I expect a move lower. No trades currently.
This is the ETH:USD chart with 1 day candles. In my last post I fervently discussed a possible inverse Head and Shoulder formation with the potential to take price to $660 and $700. Since then the formation has stalled and in the last 4 hours has just about broken down altogether. The dotted red downtrend line continues to pose strong resistance to further price increase. In the next 24 hours we will see a battle between the red downtrend line as overhead resistance and the 10 day Moving Average as support.
Price has been very noisy again for the last 5 days and it is hard to say which way we will go. I will wait for price to go above $620 before saying with any certainty that we are still in a bullish trend and even then I don't know if I am buying. A break of the 10 MA which currently is hovering around $579 would be bearish, especially if we 'close' below it.
Since the mid-term trend is bearish I suspect we break to the downside but really just don't know.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
This is the ETH:USD chart with 1 day candles. In my last post I fervently discussed a possible inverse Head and Shoulder formation with the potential to take price to $660 and $700. Since then the formation has stalled and in the last 4 hours has just about broken down altogether. The dotted red downtrend line continues to pose strong resistance to further price increase. In the next 24 hours we will see a battle between the red downtrend line as overhead resistance and the 10 day Moving Average as support.
Price has been very noisy again for the last 5 days and it is hard to say which way we will go. I will wait for price to go above $620 before saying with any certainty that we are still in a bullish trend and even then I don't know if I am buying. A break of the 10 MA which currently is hovering around $579 would be bearish, especially if we 'close' below it.
Since the mid-term trend is bearish I suspect we break to the downside but really just don't know.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
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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.