ETH still hasn't reached its H&S target. Interestingly, we see that it has taken three stairs down, each about $180 then repeated bear flags.
At the moment, it's just having a small bounce as my previous post suggested (red arrows):
We're now soundly below 50-week SMA. 200D-50D death cross will happen soon as well. It was a bit oversold, & whales used Easter to pump bitcoin, which has reignited some people's hope. However, we see:
Probably new crash will come. Target is $250 (from 430, or 270 from 450).
At the moment, it's just having a small bounce as my previous post suggested (red arrows):
We're now soundly below 50-week SMA. 200D-50D death cross will happen soon as well. It was a bit oversold, & whales used Easter to pump bitcoin, which has reignited some people's hope. However, we see:
- Thick red resistance line $430
- 50W MA $450
Probably new crash will come. Target is $250 (from 430, or 270 from 450).
Comment:
correction, 4 stairs down from the right shoulder, each around $180. didn't notice the first one
Comment:
I didn't get greedy & opened when I posted this one. Seems like that was about as high as it wanted to go.
the 50W MA & red trend line are resistances. It doesn't mean they'll be hit. Looks like they weren't (but close).
the 50W MA & red trend line are resistances. It doesn't mean they'll be hit. Looks like they weren't (but close).
Comment:
Looks like it may trade sideways for a day before crashing (to alleviate the oversold condition):
Weak shorts will probably close; this results in sideways movement. Once the weak shorts are closed, the lack of real demand will lead to another crash right at the resistance.
Weak shorts will probably close; this results in sideways movement. Once the weak shorts are closed, the lack of real demand will lead to another crash right at the resistance.
