botje11

ETH Double Top Turning in to a Triangle now?

BITMEX:ETHUSD   Ethereum / U.S. Dollar
There are some mixed signals all over the market, with some alts staying very close to the highs after some big rallies while some have dropped quite a lot already. The Bigger ones like ETH', LTC' and Bitcoin as well looking very good, while XRP' seems to be dead.
Anyway, yesterday ETH' seemed to have formed a solid double top pattern and today it was on it's way down but now the market seems to be making another attempt to move up again. I have seen these kind of things many times already and it usually comes down to if the bulls can manage to touch the high again around 148 like the blue line or make a lower high around 146/147 with low volume and then slowly turn down again like the red line. Seems we have a pattern to work with now, the triangle as you can see on the left.
In my previous analysis i showed a few support levels at the high and the first one around 141/140 did it's work and we saw another bounce to the 148ish high again. Now the bulls are trying to make this higher low to form that ascending triangle , so we can assume that if the 142ish breaks, that bigger correction i was expecting since this morning might still happen.

If the market is able to make this triangle work and make a big strong break out, it would be extremely bullish , because that would be something we have not seen in a very long time. I think we will get an answer within 48h. For more info about the bigger picture, read my previous analysis.



Please don't forget to like if you appreciate this :)



Previous analysis:
Comment: New ETH analysis:

If you want to support me, my affiliates:

Bitcoin futures trading, 10% discount: http://www.bitmex.com/register/5UpPrj
http://www.binance.com/?ref=35269417
For copy trading FX at Etoro: https://etoro.tw/2HjrI9X
Public Telegram Channel https://t.me/botje11
open the floodgates
Reply
Just was about to say we're looking at the triple top as well. We already removed 50% and are patiently waiting to see if we will hit resistance. With a possible triple top and resistance zone, this could be a struggle for ETH in the coming days to break through or it could be a nice bull trap coming if we break the resistance. Love to see you guys at the top of TV. You deserve it :)
Reply
hey @botje11, been keeping an eye on the ETHH19 vs ETH/BTC spot ratio since you did your analysis (in case you didn't have time to keep it up) and it's been consistently 30 sats above market price during this 5 days "correction"/bull flag formation.
Despite being a lower spread than during the Jan-Feb proper correction, it's there and noticeable. I painted the ascending wedge in Feb 10 highs and so far the chart it's respecting it so IDK man... Last time the market broke up a similar formation it accelerated like crazy in December. The yellow line is a Diamond on the bigger timeframes that I painted to stay neutral but the inverted H&S seems far more likely (retracing to the 23.60% Fib of the bear market all the way back from Jun17') given all conditions and the ETHH19 "hint".

Would be great to know if you've been watching this lately and your thoughts on this. Even if it's just "you're overthinking and probably going to get wrong-footed by Bitmexican whales, man" :p. Cheers
Reply
I think there is a good chance ETH breaks UP on this ascending right triangle pattern. Just my assumption based on how LTC is performing past days (higher high).
+2 Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Send feedback Ideas Published Followers Following Private Messages Chat Sign Out