Right now, Ethereum is not showing the best signs of strength.
1.) Its current head and shoulder bottom has a downward slope, however, while Bitcoin has a horizontal slope proving how much more bullish bitcoin is comparatively.
2.) The bottom of the inverted head and shoulder did have less volume and it did show a bullish divergence which gives this inverted head and shoulder more robustness.
3.) The breakout was much weaker than I expected, especially for Ethereum, it barely made it past the neckline.
Currently:
4.) Ethereum is at the neckline, retesting it, but that is okay, so long as it does not pass the neckline it will not compromise the inverse head and shoulder. This means it would need some independence from bitcoin. A successful repulsion of the movement down would place the price objective of the inverse head and shoulders around 570.
1.) Its current head and shoulder bottom has a downward slope, however, while Bitcoin has a horizontal slope proving how much more bullish bitcoin is comparatively.
2.) The bottom of the inverted head and shoulder did have less volume and it did show a bullish divergence which gives this inverted head and shoulder more robustness.
3.) The breakout was much weaker than I expected, especially for Ethereum, it barely made it past the neckline.
Currently:
4.) Ethereum is at the neckline, retesting it, but that is okay, so long as it does not pass the neckline it will not compromise the inverse head and shoulder. This means it would need some independence from bitcoin. A successful repulsion of the movement down would place the price objective of the inverse head and shoulders around 570.
Comment:
Ethereum has blown through its neckline negating the inverse head and shoulders, and it will most likely continue its down trend, that is my update regarding this.