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TradeFxTrends
May 13, 2018 12:03 PM

ETHUSD - Head And Shoulders Pattern In Progress Or Not?! 

Ethereum / DollarBitfinex

Description

Hello Traders,

ETHUSD is in a sideways range between 837.08-636.79.

I am looking for a potential head and shoulders pattern. But the right shoulder is currently in progress.

I am looking at 2 possible scenarios drawn in the chart.

The first is the black one, in case the head and shoulders pattern get confirmed I would be looking for more downside. The second one is the orange one. As long as it stays above 636.79 there is a chance that the market just keeps extending higher. Let's see.

Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view.

Hope this helps.

Comment

Good morning everyone, so far so good.
Now its a decision area.

Comment

Still at its decision area....

Comment

I told you guys that the move lower can be seen.
!!!!

Comment

Latest analysis
Comments
isarnil
Looks almost exactly like my own analysis. I'm inclined to believe that 61.8 fib will hold and - exactly like you say - bounce on 640 resistance line. Really interesting moments next hour or so!
TradeFxTrends
@isarnil, Thank you for your comment. I agree with you. The next few hours will be a decision time. Cheers
roughsoul
can we get an update fam
TradeFxTrends
@roughsoul, Sure here:
Nothing has pretty much changed. We need soon a breakout otherwise i still see a possibility that it turns higher.
TradeFxTrends
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