i considered a H&S also, as it is not uncommon for price to stick around the neckline after the right shoulder before going down, thus making it a hybrid of h&s and inverted cup and handle.. however, i dismissed the idea caus i thought that H&S only occurs at the top of a trend. not the bottom?
monguilhot
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@vanpunk, well... H&S is confirmed. Another instructions and trendline is confirming the downtrend. most important now is not the H&S. But im waiting the double bottom... The H&S is just the impulse. The results could be doubled or just .238. I dont have price targets for now. Its just the trend... Thanks for comment
vanpunk
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@monguilhot, a double bottom would definitely be very nice to see :) i'm hoping for it
Captainsmugglebutt
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$175 may be a nice entry point, but right now is a pretty good time to run with a short position.
monguilhot
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@Captainsmugglebutt, yes... But the bottom is very close... RSI will tell us whem to buy.
Captainsmugglebutt
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@monguilhot, Fair enough. RSI is a great indicator, but this market seems to often defy logic! We've had some pretty good news for ETH over the past 3 weeks and it has had a lot of difficulty breaking out of this channel. Just doesn't look good.