Is this me only or all of you great people out there view the same thing that I see.
For me, a clear picture of Triple Top has successfully formed in a day chart.
It's so clear that "W" is obvious to observe, which had begun on March 26 and the bullish trend in a daily chart until today has successfully formed the Triple Top.
Now what?
Is this time to rejoice that ETH has not only broken its ATH but also looks like it is trending to the 2.5K area?
If we follow the buyers and sellers tussle, it's difficult to believe that ETH has just broken the resistance and rallying to make newer and newer ATHs.
What if the REAL Triple Top has been in the play? If such is the case, should we worry that ETH will retreat back to the lowest support plot?
Technically, a triple top pattern shows that the price is unable to penetrate the area of the peaks. Practically, is not the case at this since ETH has penetrated the upper resistance and settled to its new ATH at 2145.
If the price can't rise above 2145, there is limited profit potential in holding onto it. Then, there will be a spree to sell-off whatever was on hold. Then the retreat is inevitable, say it's a correction if you wish to.
I'm not blindly bearish, but I find it interesting in case the Triple Top channel is not broken in next 24 hrs.
What are your thoughts about it?
Disclaimer:
The chart-resemblance and expressed-views are part of my very personal assumptions and never intended to influence any individual.
Thank you for viewing. If you have some time to contribute your own views, that will be highly appreciated as that may benefit me and many other great traders out there.
Peace!
For me, a clear picture of Triple Top has successfully formed in a day chart.
It's so clear that "W" is obvious to observe, which had begun on March 26 and the bullish trend in a daily chart until today has successfully formed the Triple Top.
Now what?
Is this time to rejoice that ETH has not only broken its ATH but also looks like it is trending to the 2.5K area?
If we follow the buyers and sellers tussle, it's difficult to believe that ETH has just broken the resistance and rallying to make newer and newer ATHs.
What if the REAL Triple Top has been in the play? If such is the case, should we worry that ETH will retreat back to the lowest support plot?
Technically, a triple top pattern shows that the price is unable to penetrate the area of the peaks. Practically, is not the case at this since ETH has penetrated the upper resistance and settled to its new ATH at 2145.
If the price can't rise above 2145, there is limited profit potential in holding onto it. Then, there will be a spree to sell-off whatever was on hold. Then the retreat is inevitable, say it's a correction if you wish to.
I'm not blindly bearish, but I find it interesting in case the Triple Top channel is not broken in next 24 hrs.
What are your thoughts about it?
Disclaimer:
The chart-resemblance and expressed-views are part of my very personal assumptions and never intended to influence any individual.
Thank you for viewing. If you have some time to contribute your own views, that will be highly appreciated as that may benefit me and many other great traders out there.
Peace!