ETH is losing ground quickly after a nasty bearish pattern formed in the weekly.
The bearish M-pattern we're currently observing in the macro timeframe:
We know this is a bearish patter, not only because we've seen it many times before but also because it is the opposite of the W-Bottom. (we can actually confirm this by flipping the chart):
In this case, the bullish confirmation would have been a support retest of the neckline:
And so, if we flip it again back to the original view - the opposite can be true. As we get rejected on the resistance line, an even lower price is likely:
____________________
ETHUSDT
The bearish M-pattern we're currently observing in the macro timeframe:
We know this is a bearish patter, not only because we've seen it many times before but also because it is the opposite of the W-Bottom. (we can actually confirm this by flipping the chart):
In this case, the bullish confirmation would have been a support retest of the neckline:
And so, if we flip it again back to the original view - the opposite can be true. As we get rejected on the resistance line, an even lower price is likely:
____________________
ETHUSDT 
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discord.gg/xHJRka3
Cryptocheck Website
thecryptocheck.com
SoftQuant Website
softquant.io
Related publications
Disclaimer
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Discord Server
discord.gg/xHJRka3
Cryptocheck Website
thecryptocheck.com
SoftQuant Website
softquant.io
discord.gg/xHJRka3
Cryptocheck Website
thecryptocheck.com
SoftQuant Website
softquant.io
Related publications
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.