Ethereum currently has a symmetrical triangle, in my last analysis I was much more bullish, it is clear now that the bullish case does not hold as the price has broken down from the symmetrical triangle. The symmetrical triangle was also a part of a much larger leg down, its possible that this will operate similar to a flag. There is some solid support from the trendline which formed between December 2018 - May 2019, this should still act as strong support, but there is a good chance that it will break that support at this point as most of the other alts have broken through a similar trendline. There was an upthrust (bull trap), however, this occurred with average little volume relative to the pattern, so it is bearish, but not all that bearish.
The Chart:
Presented above, there is a symmetrical triangle I guess in magenta however I have been calling it violet. The price objective can be seen in a similar color presented in a box with two different versions of purple. One is purple and the other is violet or whatever, the purple, one is the price objective if only the price objective of the symmetrical triangle is hit. The other is if the price objective of the pole for the symmetrical triangle is hit, once again I was being more conservative with the price objective as I measured it from the upthrust of the pattern. There is support which was the previous resistance of the consolidation from December 2018 - May 2019 which is why I separated the price objectives as such. Possible price action is represented by the purple and violet lines (merely a representation with no time frame attached to it)
There is a strong chance that the support represented in the green diagonal does hold, in that even I believe there will be another consolidation there and a directional break from that point can move in either direction. This is represented by the blue line. (Representation of possible price action)
Previous Analysis:
The Chart:
Presented above, there is a symmetrical triangle I guess in magenta however I have been calling it violet. The price objective can be seen in a similar color presented in a box with two different versions of purple. One is purple and the other is violet or whatever, the purple, one is the price objective if only the price objective of the symmetrical triangle is hit. The other is if the price objective of the pole for the symmetrical triangle is hit, once again I was being more conservative with the price objective as I measured it from the upthrust of the pattern. There is support which was the previous resistance of the consolidation from December 2018 - May 2019 which is why I separated the price objectives as such. Possible price action is represented by the purple and violet lines (merely a representation with no time frame attached to it)
There is a strong chance that the support represented in the green diagonal does hold, in that even I believe there will be another consolidation there and a directional break from that point can move in either direction. This is represented by the blue line. (Representation of possible price action)
Previous Analysis:
