ETH long term and short term outlook
Updated
On the left we can see that ETH broke a very important zone a week ago. With this, it's almost a confirmation that the bear trend for ETH is over again. Usually we do get some kind of retest before continuing the uptrend. Could be like the yellow flag on the left, or like an ABC i have drawn. This is assuming, the high is set for now (for bitcoin as well).
The possible H&S on the right, could be the cause of that. I think we have a zone now, between 160 and 170/172. For a failed H&S, we could drop now and bounce up from around 173. If we break that green support, we prob test 160ish and if that breaks, it could trigger the H&S and bring price back down towards 140/145.
Below we can see that it looks like we are moving inside of a channel. Since this movement is correctional, chances are bigger to see a break on the downside. 165/166 is where the support is at now.
So short term its a bit tricky, but think long term, we should get another wave up coming month or 2/3
Previous analysis:
The possible H&S on the right, could be the cause of that. I think we have a zone now, between 160 and 170/172. For a failed H&S, we could drop now and bounce up from around 173. If we break that green support, we prob test 160ish and if that breaks, it could trigger the H&S and bring price back down towards 140/145.
Below we can see that it looks like we are moving inside of a channel. Since this movement is correctional, chances are bigger to see a break on the downside. 165/166 is where the support is at now.
So short term its a bit tricky, but think long term, we should get another wave up coming month or 2/3
Previous analysis:
Comment
The 173 here should be 163For a failed H&S , we could drop now and bounce up from around 173
Comment
Same goes for ETH as i just updated for LTC, as suspected, the channel broke down and we are close to the neckline now. Since the H&S is not a very nice one, really need to see the neckline around 160 break, preferably even wait for the retest and rejection again. Volume is still a but on the low side, which is in favor of bulls for holding the neckline. So it ain't over till it's over :)
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