Unfortunately it looks like the bulls are just running out of steam to continue pushing a . The 100 is a huge point of resistance. As we can see here the 100 is starting to coincide with the formation of the upperbound of a potential .
A pattern is a clear continuation pattern which, if confirmed, would suggest that ETH has further to fall before we can look for a solid bottom to start a long-term rally.
I am hoping to see another pump up to test the 100 resistance, this is where my target entry is for short positions. Entries on resistance have been very lucrative in the past as the bulls just cannot seem to gather enough strength to break these resistance points.
Suggest entries from 91+ up until 96, looking at movements above 95 as potential signals for momentum and a denial of this pattern.
If this pattern is confirmed and ETH breaks the lower bound then we could expect ETH to test its annual low of $81 and below. A break below 81 would mean we have chewed up support (from May 2017 timeline) and could see ETH cruise on down to 75 or lower.
**This is educational advice, your investment decisions are up to your own discretion and risk tolerance. Do your own research and trade safe.**
Happy trading mates!
I updated the pattern to account for the two wicks we have recently seen. The descending triangle is still valid and the 100 ema is still strong resistance. Short entries above 91 have great potential.
75 is still the target for a breakout from this pattern.