- #ETH is forming a multiple head & shoulders formation. This chart pattern contains two left shoulders, two heads and two right shoulders. This chart pattern is very similar to the H&S pattern except is has multiple heads and shoulders hence the name...
- One other key factor to this chart pattern is the volume. The volume must be declining for this pattern to be valid. The decrease in volume illustrates that the buyers are drying up and the sellers continue to sell.
- Waiting for confirmation (price to fall below $147.5) before opening a short position.
- My price target for this trade is $132.
- One other key factor to this chart pattern is the volume. The volume must be declining for this pattern to be valid. The decrease in volume illustrates that the buyers are drying up and the sellers continue to sell.
- Waiting for confirmation (price to fall below $147.5) before opening a short position.
- My price target for this trade is $132.
Trade closed: target reached:
Well that escalated quickly... :) Trade closed. Take your profit and move on to another trade...but be patient...