This one is looking like a pretty good textbook head and shoulders top.
A lot of people overuse this this pattern and apply it when it should not be done. The best H&S patterns are tops or bottoms, not mid-trend of middle of nowhere.
This one looks pretty good.
How bearish is it though? If we use that A-B top to bottom range for a measured move, it puts ETH in very pessimistic territory. With this market mindset, unless all us Hodlers out there change our thinking, it will not get there.
Take a look around that 3300-3600 area though. So many reasons for support. If you are waiting for a buy on dip opportunity, that might be it.
The new ‘Technical Rating’ indicator from TW is leaning towards the bearish side. (more good stuff on this indicator shortly).
Please like and follow for more updates.
A lot of people overuse this this pattern and apply it when it should not be done. The best H&S patterns are tops or bottoms, not mid-trend of middle of nowhere.
This one looks pretty good.
How bearish is it though? If we use that A-B top to bottom range for a measured move, it puts ETH in very pessimistic territory. With this market mindset, unless all us Hodlers out there change our thinking, it will not get there.
Take a look around that 3300-3600 area though. So many reasons for support. If you are waiting for a buy on dip opportunity, that might be it.
The new ‘Technical Rating’ indicator from TW is leaning towards the bearish side. (more good stuff on this indicator shortly).
Please like and follow for more updates.