Current market fall caused by BTC price decrease affected ETH market. However this decline will form reversed H&S pattern. This combined with indicators status will force the price move up till it reaches previous heights. Before this happens we expect a little drop to Fib 0.786 support level around $640. Overall the market seems to be fine and should be bullish soon.
We still recommend to wait before open any new deals.
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The price moves higher, the pattern should be finished soon, if it coincides with BTC rise we should have a nice upward movement in price ETH too. However it seems like market players wish to see ETH price on a higher levels, TA indicators enhance this forecast
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ETH pice is about to touch Ichi clouds reversing point, up from which we expect a bounce and finishing of IHS pattern. However if BTC price continues to fall the ETH price will broke down the support and the pattern will be broken, then the recession to the previous year lows will start
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The price tests a very important resistnace level, in case of break through it we will have a nice growth.
Indicators are bullish and it seems that the whole crypto market is about to shift its trend
IHS = continuation of current tend in most circumstances
j0v8008
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@Basil13, this is just wrong. In a downtrend it is a bullish reversal pattern...
Basil13
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@j0v8008, i could paint a pattern if i had enough tether
Basil13
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question is would i get the buyers to support it or would the campaign head lower. lifes a game
j0v8008
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@Basil13, what are you even talking about. Manipulation aside, or whatever you are talking about "anything could happe", has no relevance to you being wrong about TA regarding inverse head and shoulders.
Skyrex
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@Basil13, IHS on a downtrend is a willingness of market players to see a higher price, so it is about time and volume accumulation