ETH is setting itself up for a massive bearflag on the Daily chart
, which I'm sure won't bode well for the rest of the market. Even though LTFs are looking bullish
, the HTF charts are sending us a warning sign that we may have a little more upside but the downside could be a test of lows of a break down into the abyss. A very common FIB extension for continuation is the 1.618%FIB and that would put Ether at $83.....not the best of news. Volume
has decreased quite a bit on this move higher, which confirms our bias to some degree.
However, not all doom and gloom, these patterns don't always play out and a break above would nullify the bearflag and could potentially mean a test of the $300 level, a price not seen since the beginning of the month.
Just a heads up and something to keep an eye on while everyone goes BULL MODE!