On the left we can see that ETH' has touched the neckline of this possible H&S. As you might remember from my previous posts, i gave the option for a failing H&S pattern, which normally would result in a counter move up. But that one failed as well, so it looks like the bears are in control at the moment. We can also see a possible triangle. So even if we see a bounce up from the current level, the bulls need to break at least that triangle. To really get in to the neutral zone again, that red resistance on the left needs to break, otherwise the bears will keep having the upper hand.
On the right we can see, similar to Bitcoin', the attempts to break up get rejected very easily several times now. This is also a sign of weakness. Volume is very low and bad at the moment, which is also in favor of the bears. For the short term, a good indication of what the direction will be, is to watch the green and red zone on the right. Also that possible triangle i have drawn there. Anything in between is just noise with this low volume.
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So far it looks like a bear trap, if the bulls can hold it above the 115ish, and make another break up the coming hours, it will prob be confirmed.
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Now we can see btc and eth making attempts to break resistance levels, but so for not succeeding yet. That red zone on the right really needs to break for ETH.
So far things look good, the bulls just need to keep the pressure. Like ETH ideally it stays above 117.4 but a max of around 116.5 (bitmex)
Volume is still okay, but it is not high. So we need much more than this to think of a rally up again.
might as well break up sincec thats the most obvious trendline to break.
UnknownUnicorn1626565
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Rikk009
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@elchanin, You summoned Satan?
Commodity_Whisperer
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same as mine
TradeIndicators
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We're up 18.47% on this short move right now averaging about 1.38% a day in profit for the last 36 days but we are looking for this breakout and getting ready. We see the descending triangle as well as you're reporting and think this could be a nice move up to the top resistance as you have pointed out as well. We're going to use the Martin Trend Trader for the breakout alert and ride it up. Best of luck man, always love your TA. You have our Like and Follow always!
ReallyMe
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I think the stock markets will collapse quite a bit over the next few weeks. There will not be enough money to support the crypto market. I expect the next big ETH drop coming before too long. YMMV. Take care.
UnknownUnicorn1780802
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looking like it wants to follow your top blue line on the left chart of that descending triangle.