Ethereum formed a bear flag and flirting with 100 % retracement
Hi people, looking on the 1-day chart we cna see that ETH formed a bear-flag in the past and now reached the 100% fibonacci retracement mark (under 61.8% this is a bearish sign)
Here we have an not really big support, wich is thing will be breaked and the price is going to hit the support Line 2 wich is marked in this chart with the blue trendline.
There we could have an consolidation or a second bear-flag.
Wich could bring us downer to the pink trendline.
Other scenario would be that we confirm support line 1 or 2 as current support and the price will move higher to the 78.6 retracement from there where we also have the black trend line of the downtrend, the price could have a pull back from there.
RSI on the 1-day chart is moving to the "higher" oversold levels
MACD has a bearish cross, wich is bearish! :D
accumulation/distribution is not really going to the downside wich isnt normal for a downtrend, normally it confirms trends..
Have fun and good luck with your trades!
Here we have an not really big support, wich is thing will be breaked and the price is going to hit the support Line 2 wich is marked in this chart with the blue trendline.
There we could have an consolidation or a second bear-flag.
Wich could bring us downer to the pink trendline.
Other scenario would be that we confirm support line 1 or 2 as current support and the price will move higher to the 78.6 retracement from there where we also have the black trend line of the downtrend, the price could have a pull back from there.
RSI on the 1-day chart is moving to the "higher" oversold levels
MACD has a bearish cross, wich is bearish! :D
accumulation/distribution is not really going to the downside wich isnt normal for a downtrend, normally it confirms trends..
Have fun and good luck with your trades!
