CoreyAvery
Short

ETH USD - BEARTHEREUM!?

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Things are not looking the best for ETH USD in the short term. This is not a long term projection, but more of a short term hypothetical with increased probability. This is a hypothetical I'm willing to put some money on.

On the 4hr chart you can see that ETH has broken below the neckline of a (confirmed?) head and shoulders pattern. The volume on the breakout wasn't super convincing, but, looking at the hourly chart you can see that price has come back up to test the bottom of the neckline and met resistance. Neckline support is now neckline resistance. It is important to keep in mind that the price of bitcoin             can quickly impact the price of ethereum             , so a close back above the neckline will invalidate this pattern.

The blue horizontal dashed lines are targets and potential supports that will need to be broken on the way down. If you take a look at my recent Ethereum             Classic Analysis, you will see that the price dropped almost precisely to my targets, where they found some resistance and consolidated for a few hours before breaking through to the next level. I was the only one calling BEAR on ETC when everyone else was shouting "TO THE MOON!". I got it right and plan to do more of that in the near future for you guys so please comment, like, follow, and so on. (I'm still in that trade btw             and I think there's some more money to be made so check it out!)

Entry - $784 (Stop Loss - $810)

Targets -

773.86 (I will not be booking any profits here because I live on the edge)

724.63

After $724.63 there doesn't seem to be much support / resistance so a drop down to the next two targets could be fairly rapid.

654.08

598.79 ( Head and Shoulders Target)

As always, this is my research and you should not make trades based on it. I share with you guys for educational purposes only and also to remain open to constructive criticism from other traders. Don't like what I have to say or disagree with my analysis? Tell me why! Maybe you're seeing something I'm missing.

Agree with my analysis or seeing something similar? Like, comment or follow.
Comment: Had to take some profit on that little crash. Stop loss moved on remaining position to $776
Comment: Currently trading in a bear flag after yesterday's break to the downside. If we breakout of the bottom of the bear flag, the downside target falls almost exactly at the head and shoulders target from yesterday's analysis. WOW!
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