ETH bearish flag or double bottom
Updated
#ETH/USDT
ETH is inside ascending parallel channel, and now faced resistance zone between 0.5 and 0.618 fib levels of last 4h swing down.
🐻 rejection from this zone and break down from lower line of channel can drop price to $600 as channel will act as bearish flag.
🐮 break out from middle line can increase price to $1500 to complete the double bottom pattern.
ETH is inside ascending parallel channel, and now faced resistance zone between 0.5 and 0.618 fib levels of last 4h swing down.🐻 rejection from this zone and break down from lower line of channel can drop price to $600 as channel will act as bearish flag.
🐮 break out from middle line can increase price to $1500 to complete the double bottom pattern.
Trade active
#ETH/USDTlast analysis is still valid
price is below middle line of ascending channel.
🐻 price can drop to support zone between 0.5 and 0.618 fib level of last swing high which is the same with lower line of channel.
🐻🐻 break down from lower line of channel will drop price to $700.
🐮 break out from middle line will increase price to upper line.
Note
#ETH/USDT#update
ETH broke down from ascending channel, so bearish flag activated and price can drop to $700 and lower.
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