Ethereum ETH DIAMOND top seems to be set!
Updated
Dear traders,
Here is a quick new update for Ethereum on the 4 hour chart.
We see here a pattern not often seen, the diamond. Like the head and shoulder formations, this pattern has lower targets. It signals normally tops.
My previous analysis of Ethereum is still valid with the head-shoulder pattern but now we have a diamond formation and that strengthens my idea that the targets from the HS will come out even more!
Guys, now keep an eye on the red trend lines. If we break out to the downside, 2760 will quickly come into view. An upward breakout is less logical with this pattern, but everything is possible. Nothing is 100% sure but this pattern is a top pattern. If it fails then we see an agressive move upside. Keep that in mind!
Always confirm trades by a re-test of te trendline and volume to be more sure of false breakouts.
Traders, this is my personal view on Ethereum , No trading advice. Always do your own research before trading and at least use stops and money management to limit your risk.
If you guys appreciate my work it will be a motivation for me if julle give a thumbs up and follow me for updates.
I wish you all lots of profits and above all safe trading!
Here is a quick new update for Ethereum on the 4 hour chart.
We see here a pattern not often seen, the diamond. Like the head and shoulder formations, this pattern has lower targets. It signals normally tops.
My previous analysis of Ethereum is still valid with the head-shoulder pattern but now we have a diamond formation and that strengthens my idea that the targets from the HS will come out even more!
Guys, now keep an eye on the red trend lines. If we break out to the downside, 2760 will quickly come into view. An upward breakout is less logical with this pattern, but everything is possible. Nothing is 100% sure but this pattern is a top pattern. If it fails then we see an agressive move upside. Keep that in mind!
Always confirm trades by a re-test of te trendline and volume to be more sure of false breakouts.
Traders, this is my personal view on Ethereum , No trading advice. Always do your own research before trading and at least use stops and money management to limit your risk.
If you guys appreciate my work it will be a motivation for me if julle give a thumbs up and follow me for updates.
I wish you all lots of profits and above all safe trading!
Note
Here you see the older HS or you can click in the related idea's below to see that chart live. It is still perfecly valid.Note
If ETH breakout below trendline and you wish to profit from it than need the stop at 3900. Also do not risk never more than 1% while i risk often not more than 0.3 to max 0.5 % The close your stop to the entry the better RR.Note
Dear traders, here a screenshot. We are on the way to the targets but remember, the markets moves in waves. So you will see for sure pullbacks to test some area's.It will never go in one line to the target of course!
Hope you can make good profits or have a pauze in buying so you don't lose anything!
Note
Dear traders,Here an update with a possible scenario for Ethereum:
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