It currently looks like ETH might be repeating a similar pattern on lowertimeframes. Please refer to our previous posts where we started pointing out these important trendlines.
We have the green trendline that has acted as a support resistance level flipped on lowertimeframes and the white trendline act as a S/R flip on higher timeframes.
The pattern that we have seen is a break below the white trendline (flush) followed by a reclaim of the white trendline then a breakout and retest of our green trendline before another rally.
Recently we have seen the exact same thing play out. If ETH is able to hold our green trendline as support (retest) and fight back to the blue 200 MA on the 4H and break above. That should complete our inverse H&S pattern and send ETH to new highs.
We have the green trendline that has acted as a support resistance level flipped on lowertimeframes and the white trendline act as a S/R flip on higher timeframes.
The pattern that we have seen is a break below the white trendline (flush) followed by a reclaim of the white trendline then a breakout and retest of our green trendline before another rally.
Recently we have seen the exact same thing play out. If ETH is able to hold our green trendline as support (retest) and fight back to the blue 200 MA on the 4H and break above. That should complete our inverse H&S pattern and send ETH to new highs.
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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.