ETH/USD - triangle or inverted head and shoulders pattern
Looking at the ETH/USD chart we may spot two potential patterns. The first one is the trend continuation structure and looks like a symmetrical triangle pattern. So if the line drawn through the bottoms is broken the price may fall further to 2160 USD or even lower.
The mentioned level, in the second pattern, could also be recognized as a right shoulder in an inverted head and shoulders pattern which is a trend reversal structure. So if the resistance and neckline at 3000 USD is broken the price may surge even to the new ATH.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
77.46% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The mentioned level, in the second pattern, could also be recognized as a right shoulder in an inverted head and shoulders pattern which is a trend reversal structure. So if the resistance and neckline at 3000 USD is broken the price may surge even to the new ATH.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
77.46% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.