BillCharison
Short

Ethereum, chances of going higher NOW are very LOW.

COINBASE:ETHUSD   Ethereum / U.S. Dollar
After reaching the local peak at $280, $ETH calmed down and the local uptrend was changed to a consolidation. The first reason is the correlation between $BTC and $ETH, the second one follows Bitcoin in 9/10 cases. However, Ethereum has its own reasons to go lower.

Let's start with the triangle that had an almost horizontal support, this pattern tells about strong sellers and weak buyers. Moreover, there is a smaller pattern - bearish flag inside the triangle with a double top . Bearish sign x2. We have only one chance to go upward, to do this the price needs to go up and takes hold above the $262 - $268. In other case $ETH will continue falling down.

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Bearish flag inside a triangle. The price is reaching the resistance, more likely it won't be able to break through one and fall. We can see a SHORT squeeze up to the horizontal support, but chances are quite low.
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If it's for so long attacking resistance already, the chances are ever increasing!
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@BillCharison, what's your take on the breakout? I personally don't think it was strong enough to hold. Volume was very small, RSI on 30min, 1H and 2H is heavily overbought and we're already seeing signs of reversal.
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Key resistance broken, room for long positions after the pull-back!

+2 Reply
Most likely it will ..I WONDER THAT WILL GROW
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I rarely comment on ideas, but I have to say kudos to you!
Very clear and easy to understand chart. Same goes for your explanation. +1 and follow!

To your idea: I agree with you. I actually loaded up on ETH a little bit around ~$250, but I'm waiting and hoping for a correction down to ~$210 or even ~$170 to enter super long.
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Volume move on 5/17 tells the story
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timn91 mackbrown
@mackbrown, would you care to elaborate on that? I'm not entirely sure what you're hinting at.
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@timn91, sure ~ The 5/17, and then again on 5/22 (& actually 2 others) were high volume moves with long sell candles... One would assume some large holders are lightening up their exposure on low volume price ramps.
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