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LaurenTrading

Technical Bear: Gann Square, Triple Top and Bear Flag on ETH/USD

Short
Ethereum (KRAKEN:ETHUSD)  
LaurenTrading  
KRAKEN:ETHUSD   Ethereum
Trend Analysis Chart Patterns Gann Ethereum (Cryptocurrency) ether Bearish Patterns tripletop triple bearflags
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trendanalysis chartpattern gann ethereum ether bearish tripletop triple bearflags
We are bearish on ETH/USD because Ethereum is trading within the up flag as a type of consolidation following the initiation of a downtrend following a triple top pattern. The downtrend from the triple top is the flagpole of the bearish flag pattern. Following the sharp down movement after the triple top, ETH has been trading within a bearish flag. Once there is a breakout we suggest a high likelihood of a strong down movement, to the low 280s.

This strategy incorporates the Gann Fan trend retracement which serves as the upper resistance within the current channel. Three technical analysis patterns - Gann Square, triple top and bearish flag - come together to buttress the strong bearish sentiment we hold.
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