Conflicting Patterns ETH? Need help deciphering please!
Need help deciphering what's going on with ETH. To me, it doesn't seem logical that a H&S or Descending Triangle pattern will play out since the targets would put it below 0. Of course anything could go to 0 but I don't see this being likely. On the bull side, we may form a cup and handle pattern and if it breaks out, it should put us at the $900+ range.
Can anyone give me some pointers as to what's going on and comment on the three different patterns that are occurring? Am I drawing anything incorrectly? Does volume invalidate some of these patterns?
For example, I think for a H&S, volume should be highest on left shoulder (which it is), followed by declining volume..is that correct?
Another example, a cup and handle pattern should start from an upward impulse leg, so maybe we're not forming a cup & handle?
How should volume look on a descending triangle? I believe volume is supposed to slope down...
BTC appears to be in a symmetrical triangle which I believe is a neutral direction pattern? Or is it continuation? Either way, if it breaks to the downside, this would put BTC below 0 as well. If it breaks to the upside, I'm seeing targets at $16k.
Any help/feedback is appreciated!
PS - sorry for the indicators at the bottom, I was hoping they didn't come through to the idea..the text on the chart are point out the H&S Pattern, followed by the pullback confirming the neckline, descending triangle pattern, & cup & handle pattern.
Can anyone give me some pointers as to what's going on and comment on the three different patterns that are occurring? Am I drawing anything incorrectly? Does volume invalidate some of these patterns?
For example, I think for a H&S, volume should be highest on left shoulder (which it is), followed by declining volume..is that correct?
Another example, a cup and handle pattern should start from an upward impulse leg, so maybe we're not forming a cup & handle?
How should volume look on a descending triangle? I believe volume is supposed to slope down...
BTC appears to be in a symmetrical triangle which I believe is a neutral direction pattern? Or is it continuation? Either way, if it breaks to the downside, this would put BTC below 0 as well. If it breaks to the upside, I'm seeing targets at $16k.
Any help/feedback is appreciated!
PS - sorry for the indicators at the bottom, I was hoping they didn't come through to the idea..the text on the chart are point out the H&S Pattern, followed by the pullback confirming the neckline, descending triangle pattern, & cup & handle pattern.
Comment:
Broke out. Going to retest trendline $640-$650? Or will support at $700 hold it?