ETHAUD Potential Sell Setup – Triple Top Reversal in Play📉 Overview from Weekly Timeframe:
Price has been clearly rejected from a strong resistance zone aligned with the 50EMA. This rejection signals a potential bearish reversal, especially with recent wick rejections indicating seller strength.
📉 Daily Chart Explanation:
The daily timeframe shows subtle signs of bearish pressure with rejection candles forming, but lacks a clean structure break. Momentum is not yet fully bearish, so traders need to remain cautious and look for lower timeframe confirmation.
📉 4H Chart Explanation:
On the 4H chart, ETHAUD has broken below a key trendline and internal structure, confirming a potential shift in trend. Notably, a triple top pattern has formed, suggesting exhaustion from buyers and potential for downside movement. Price is also trading below the 50EMA, reinforcing bearish bias.
📌 Plan:
Bias: Bearish
Entry: On minor pullback below neckline of the triple top or EMA rejection
Targets:
TP1: Recent swing low
TP2: Weekly support zone
Invalidation: A 4H candle close back above the triple top zone and 50EMA
