$ETH H&S Pattern Consolidating in Bullish Symmetrical Triangle
ETH Head & Shoulders Pattern forming on the weekly (also visible on daily). However, price action is consolidating inside a bullish symmetrical triangle.
Likely Outcomes:
First - SHORT then LONG.
"If" daily prices closes below neckline at 2,500, volume shelf is weak below and price will likely to go down to next ATR Fib level at 1,850.
"If" price bounces off neckline @ 2,500 AND breaks through upper triangle boundary on the daily, the H&S is invalidated and we're likely to retest ATH or at least bounce to 4,130 (highest ATR Fib level).
Time Horizon:
Move expected to pan out in 3-months or less based on the consolidation pattern.
Likely Outcomes:
First - SHORT then LONG.
"If" daily prices closes below neckline at 2,500, volume shelf is weak below and price will likely to go down to next ATR Fib level at 1,850.
"If" price bounces off neckline @ 2,500 AND breaks through upper triangle boundary on the daily, the H&S is invalidated and we're likely to retest ATH or at least bounce to 4,130 (highest ATR Fib level).
Time Horizon:
Move expected to pan out in 3-months or less based on the consolidation pattern.
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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.
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.