Short

ETHUSD - Massive drop ahead

Updated

H&S in formation, volume became very weak (red circles); the last shoulder is describing also a nice bearish flag, so everything seems set to explode soon and we'll see new lows as ETH's value is retesting a historical support from december 2018 (red line), maybe where the green rectangle is located, between 95$ and 81$.

Note

Support @ 184 hit

Trade active

Next target : 170.5

Note

New lows can be expected @ 113, but first wait for 170.5

Trade active

Historical support broken @ 184, target @ 170.5 confirmed

Trade closed manually

We have to be really careful now as it seems ETH has bounced @ 174; if so, it may prepare a bullish divergence. BAKKT news may have something to do with this as this announcement is huge:
medium.com/bakkt-blog/cleared-to-launch-8dfc3e6f9ed0

Note

Let's see if ETH will follow the blue falling wedge pattern

Note

Well, things are really uncertain; now we've USDT dominance confirming a bullish flag; that means cash will mainly be drained from BTC and ETH:

Be really careful, patterns and news are really in contradiction

Trade active

After a bullish breaout from the yellow triangle, ETH seem to have toppped on the orange line, forming a bearish flag with the yellow triangle basis. So we can reset our target @ 170.5 (it mlght even be a little lower, maybe @ 167)

Note

Here we go

Trade closed: target reached

karamazov06

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