Update from previous analysis:
head and shoulders did not play out however we did eventually see the drop I was expecting, unfortunately we were so over extended the drop was much bigger than I would've hoped because the targets are the same.
there are several targets I am looking for, the basics of this analysis is we are looking for a drop to the 3840 level that is where my next buy for a long position is set. we seen such a bullish breakout that we didn't see a bullish retest of this level to signify the next leg up.
that is where I see it going, if we drop below 3830 then I feel bearish short term for eth.
things to note:
- don't be scared if we drop further, should only have 2-3% to go
- still have a CME gap at 4000 so expect that to be hit on Monday/Tuesday
- look for a test of red support or resistance line, if we break down then 3838 target, break up look for volume test on line and take long
head and shoulders did not play out however we did eventually see the drop I was expecting, unfortunately we were so over extended the drop was much bigger than I would've hoped because the targets are the same.
there are several targets I am looking for, the basics of this analysis is we are looking for a drop to the 3840 level that is where my next buy for a long position is set. we seen such a bullish breakout that we didn't see a bullish retest of this level to signify the next leg up.
that is where I see it going, if we drop below 3830 then I feel bearish short term for eth.
things to note:
- don't be scared if we drop further, should only have 2-3% to go
- still have a CME gap at 4000 so expect that to be hit on Monday/Tuesday
- look for a test of red support or resistance line, if we break down then 3838 target, break up look for volume test on line and take long
