DrDovetail

Ethereum close to completeing 4hr h&s + 4hr deathcross

BITSTAMP:ETHUSD   Ethereum
this idea is gonna remain neutral for now because fakeouts are always a possibility in crypto but we can see we are about to potentially complete a right shoulder on a very ugly looking head and shoulder pattern on ethusd's 4hr chart....we can also see that the 4hr chart is once again quickly approaching a 4hr deathcross....xrp had its 4hr death cross which led to downside followed by bitcoin which just had its and seems to be leaning towards more downside so if ethereum also gets a 4hr deathcross I'm guessing more downside is very probable...looking left on our chart we can see what kind of downside came with the last 4hr death cross...it wasn't pretty so should this 4hr deathcross occur here I think it is very very likely we will see ethereum trigger this head and shoulders breakdown which could potentially send it all the way down to $65 if this happend hopefully that will mean that the bottom of the bear market is very very near. Of course a sudden huge green candle could prevent all of this so be prepared for a fakeout around the neckline as always. It is that possibility that has me leaving this idea neutral instead of marking it as short.
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.