ETH/USD I spy with my little eye... H&S pattern?!?!

BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
Position: Bearish

I am adjusting my lines in from my last call to account for time. BUT to also pose a question that could potentially ratify this down trend! Are we forming a massive head and shoulders pattern?! If we get more sideways movement, we are only going to confirm this. It's do or die time for ETH here. This 800 level is key. It's already tested this level, it might get some support there again. But if it keeps hitting that support point and breaks its, expect a break further down.

The play. How do I want to do it? I will be laddering buys starting from the just above the 700 area all the way down to 400 using a martingale strategy. Love this strat in these vicious down markets. Make sure you read up on it if you haven't.

We'll see what happens, I will continue posting what I see and the plays that I am looking for and that I am most comfortable with at this point.

Happy trading. Pick your points, don't stress and don't use leverage!


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That could be, there was a H&S recently on the 4 hr bar, so then if this holds, target would be $600 if ETH breaks $800, and that would re test the lows, quite interesting.
On the 1 day candles the RSI just bounced off of the 30 and the MACD is starting to show signs of kicking back up. I feel we MAY try and test the upper resistance of the .092 - .11 SAT range before dropping to lower levels. I have not seen an over abundance of buyers or sellers come into the market yet. For now i still have my Stop--limit set that way until i see the signs that tell me otherwise. Thoughts?
Sherem ronbell78
@ronbell78, I zoomed out on my same chart to the day chart(see link). My RSI bounced off the 40, but it's not much to give any credence to for a reversal. MACD is in negative territory and not doing much of anything.

The day chart doesn't give me much reason to believe we are heading higher anytime soon, so I am in sit on my hands mode right now and not in a trade. I am waiting for direction, one way or another. Stop limit would be a good way to play it in case it goes up more. gotta be wary that it will move sideways and confirm the H&S

Screen shot of the day chart.
+1 Reply
@Sherem, RGR that. I entered into the trade yesterday at .0187 when i got the trade alert and just watching to see what it does before i pull the trigger on anything. Thanks for the additional TA. It is always good to have others insite. Especially since i am still a 3 month newbie at any sort of tradeing or investing. I am just going with what i have taught myself thus far.

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