Hello my friends!!! Welcome to this update analysis on ethereum! Looking at the 4 hour chart, you can see that Ethereum is creating a double top pattern (yellow lines) which is a bearish thing to see.
This can turn into a rectangle IF the ethereum will bounce at the support line at 360. For now it looks like the double top is going to finish the pattern and the price could drop to 360 dollars.
If the ethereum manages to bounce at the 390 dollar level, It could go higher and could create a cup with handle which is a very bullish this to see.
the 76% fibonacci is at around 330 dollars and this is in between the buy zone illustrated in pink. If the price reaches the 76% fib, A bounce could be expected and it could also be the bottom of this big bearish period. But untill then a lot can happen.
Patterns are hard to find lately, A lot of whales are playing games which make it hard to see natural chart patterns. Patterns can change unexpectedly, but don’t worry! I am trying very hard to make it easy for you guys.
As you can see the volume at the end of the advance of the cup has increased a lot, which is not usual for the handle but still possible. I think we are going down to the 360 dollar level at least, but I can’t leave the possibility away that a cup and handle can be created.
We are still in a very bearish period but people often tend not to look at the big picture and buy when the prices rise.
Let me show you the horizon.
Leave a like, a follow and some love!
Greetings krypton!
This can turn into a rectangle IF the ethereum will bounce at the support line at 360. For now it looks like the double top is going to finish the pattern and the price could drop to 360 dollars.
If the ethereum manages to bounce at the 390 dollar level, It could go higher and could create a cup with handle which is a very bullish this to see.
the 76% fibonacci is at around 330 dollars and this is in between the buy zone illustrated in pink. If the price reaches the 76% fib, A bounce could be expected and it could also be the bottom of this big bearish period. But untill then a lot can happen.
Patterns are hard to find lately, A lot of whales are playing games which make it hard to see natural chart patterns. Patterns can change unexpectedly, but don’t worry! I am trying very hard to make it easy for you guys.
As you can see the volume at the end of the advance of the cup has increased a lot, which is not usual for the handle but still possible. I think we are going down to the 360 dollar level at least, but I can’t leave the possibility away that a cup and handle can be created.
We are still in a very bearish period but people often tend not to look at the big picture and buy when the prices rise.
Let me show you the horizon.
Leave a like, a follow and some love!
Greetings krypton!