Dear traders,
Here is a new analysis for Ethereum,
We see the 90 minute chart here for more detail. With a breakout above the neckline of the inverted head shoulder formation, we will first get some significant resistance from the descending trendline. Most likely the price will bounce off and retest the neckline of the inverted head shoulder formation and then continue to rise to the top of the ascending triangle. Please not that we need to break the neckline first with more than average volume before the Inverterd HS is validated!
Stop below the blue trendline of the ascending triangle. It is best to hold the stop BELOW this line and not on the line and increase it as time goes on. T
The target of the bullish falling wedge and the reverse head shoulder formation is 2761 USD or the top of the triangle which is reached first.
After that there will be a new analysis how it could go further.
As you know I have no bias for long or short. This bias can block your trading to such an extent that you won't be able to make a trade anymore. There are always contradictory signals, that's why you should focus on your trading style. For one person this could be horizontal support resistance trading, for another it could be pattern trading but also system trading. It's all possible and provided that you have a good money management and you place stops it's all profitable. Losses are caused by not placing stops, investing too much in a single trade, overtrading, fear and greed. Did you hit a stop? No problem, you've stuck to the plan and that's the most important thing. Don't focus on your account but on your trade!
If the price doesn't break the neckline but sinks, we'll probably fall back to the lower trendline of the ascending triangle. From there we need to follow the price action if ETH would break the line or bounce.
You also need to follow Bitcoin because all the ALTS will follow the leader. see my other analysis for that.
Support and resistance:
1977, 2176, 2230, 2318, 2455, 2629 and 2907.
Wish you all good luck!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
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