Captainsmugglebutt
Short

UPDATE: [ETHUSD] Descending Triangle $100 Target

KRAKEN:ETHUSD   Ethereum / U.S. Dollar
Ahoy mateys,

Yesterday I published a chart looking at ETH dropping to $100 from a descending triangle pattern that I saw forming. I must admit my focus was on too narrow of a timeline, a triangle did form and did (slightly) breakout but my 30 minute interval chart did not do the best job at putting a more accurate timeline.

Regardless, my suggested entries of $133-134 ETH appear to be valid and I am sticking to my cannons there. On that idea I posted updates pulling out to further and further timeframes as trading progressed.

This update is a little more in depth look at the longer term, building off of my original chart and the updates I had made to it. I have updated my fib retracement points to better reflect current trend activity for the timeframe I am looking at. I am seeing very strong potential for ETH to bounce off of the lower bound of this pattern one last time, retest $133 for a final time, before confirming yet another continuation of this down trend we have been in.

We can also see that a bearish MACD cross may be approaching. In addition to that, a bearish crossover on the Stoch RSI indicator signals that we may be dropping out of this overbought territory, this does not come as a surprise to me as it seems very clear that buyers are still fleeing the market. ETH needs some serious bullish activity to prevent another breakout in my opinion, and this pattern isn't indicating anything bullish to me right now. Otherwise we are just going to continue falling as major support has been continuously broken and we are already in the middle of a large breakout of a larger descending triangle that was formed on the continuation of the downtrend from the peak ~$1500 ETH price, aka we are in shark infested water mates.

I signaled the larger scale breakout two weeks ago as you can see on this idea I published at ETH $215:



If this trend continues I believe a $133-134 entry again is ideal if you can grab it. Anything above 131 is arguably a good trade as well. ETH may eventually turn around, but I am much more comfortable trading along with the trend than trying to call a reversal. Some argue ETH may go to 0, I am not as sure about that, but if we hit my $100 target then we may see much more pain to follow for ETH and crypto in general.

Trade at your own risk, do your own research, blah, blah, blah.

Happy trading!
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