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VanSteenMarketResearch
May 30, 2018 2:07 PM

ETH/USD - Head and double shoulders creation on 1H chart. 

Ethereum / DollarBitfinex

Description



You don't see this really often, but is still a signal that price is about to go down.
Now ranging between 560-575, looking for a break to the downside.

If price goes above 589.5, setup is not valid anymore.

If price goes below 560, aim for 550, and if it reaches that level and breaks, aim for 540

Also interesting:

More crypto's are showing the same kind of move, all causes by yesterdays spike up. Take a look and compare them:





Comment


Heading towards first mentioned level now
Comments
jbthb4
Good analysis! what's the bottom for ETH?
VanSteenMarketResearch
@jbthb4, For now, I would say 540 as first target and second target the 500 zone. It's really difficult so say where the price is heading to. Cryptocurrencies now are in a big consolidation phase. What that means in general, is that you'll see a lot of trends, within trends within trends, and that's exactly what's happening here.
jbthb4
@timvansteen, got it! Thanks for the good work.
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