Multi-Month Inverse Head & Shoulders For Eth - Retest of 180-200
Long time lurker, first time poster. I've seen multiple people talking about retrace possibility, but I haven't seen anyone post this idea. It appears to me that we're drawing an inverse head & shoulders that should mark the end of the bear market with a double bottom (Head & upcoming shoulder) followed by a rally upwards (final reversal of the bear market trend). If this is the case, the right shoulder won't go as low as the head (160). But, you should comfortably expect a touch to 190.
Again, I believe this to be the final reversal pattern of the bear market and should see some formation of a rally following this back up to the major resistance at 330ish mid November - December. Ultimately bullish, but bearish for the next 3 weeks or so.
Full disclosure: I have already shorted my position earlier today. Take it as bias if you feel that's the case. Good Luck out there!
Tips welcome if I helped you make some cash! Click Here!
Again, I believe this to be the final reversal pattern of the bear market and should see some formation of a rally following this back up to the major resistance at 330ish mid November - December. Ultimately bullish, but bearish for the next 3 weeks or so.
Full disclosure: I have already shorted my position earlier today. Take it as bias if you feel that's the case. Good Luck out there!
Tips welcome if I helped you make some cash! Click Here!
Comment:
Forgot to mention the peaking in MACD, and the dross of the Stoch RSI. Both appear to be ready to push downwards.
Comment:
Seeing multiple charts now for both BTC & ETH suggesting we're currently nearing the end of a bear flag, and I agree. Regardless of if this is an improper application of the H&S pattern, it appears that we're about to head down. First support is around 228 and we might see some more bouncing there. Otherwise, my expectation is still a move to at least the 190-200 range.
Some claim the price will go lower than our previous low. I honestly, can't tell. But, it feels to me that the support around the 160 low was strong. I think the market understands that price range is too good of a value buy to allow it to go lower. I think most have the same opinion that I have: "if I see a price below 150, I'll be buying a lot more." I simply don't mind at that point if I'm holding the bag at 190 with so much upward potential, and a vastly decreased downward potential.
Some claim the price will go lower than our previous low. I honestly, can't tell. But, it feels to me that the support around the 160 low was strong. I think the market understands that price range is too good of a value buy to allow it to go lower. I think most have the same opinion that I have: "if I see a price below 150, I'll be buying a lot more." I simply don't mind at that point if I'm holding the bag at 190 with so much upward potential, and a vastly decreased downward potential.
Comment:
So far so good. Looks like I had the right idea, but needed a shorter time-frame forf the decent. 4-hour MACD is showing much more potential for drop, but the RSI & Stoch are showing that they're nearly at bottom. So, we may see a bit of a retrace up to relieve the tension before proceeding down to the 200 range. What I think would make the most sense would be a bear flag formation between the most recent low and 226 followed by continued decent. This would result in the bear flag following the upward trend line established by the lows of the last 2 weeks — we're already showing resistance there:
Comment:
Something akin to the price fluctuating within the blue box below before following the line further down on the right hand side of the blue box: