ETH fractaling inside huge MEGAPHONE. Indicators signaling DOWN.
1. bearish RSI div
2. bearish MACD div
3. longer trendline resistance (broken with possible fake out. other trendline is not yet broken, and is forming a megaphone pattern)
4. megaphone pattern (usually a bearish pattern but could brake out either way. Expect very volatile price action very soon)
5. megaphone fractal within a huge megaphone (it should be interesting to follow the price. If smaller one resolve bearish, it could drag a bigger one very fast very low, and vice versa)
6. fib retracement of .618 & .786 which is usually a location for a trend continuation
7. long term downtrend - series of lower highs and lower lows. (even if ETH broke out of the trendline and created a small w pattern, which is known as a double bottom, on a bigger scale, it hasn't formed yet on a higher time frames)
So if I have to bet, I would bet down, as long as the long term bear trend resolve itself, but for now, location is very good for bears. I expect them to show up very soon, but if they don't show up, bulls won't hesitate a second to take over.
2. bearish MACD div
3. longer trendline resistance (broken with possible fake out. other trendline is not yet broken, and is forming a megaphone pattern)
4. megaphone pattern (usually a bearish pattern but could brake out either way. Expect very volatile price action very soon)
5. megaphone fractal within a huge megaphone (it should be interesting to follow the price. If smaller one resolve bearish, it could drag a bigger one very fast very low, and vice versa)
6. fib retracement of .618 & .786 which is usually a location for a trend continuation
7. long term downtrend - series of lower highs and lower lows. (even if ETH broke out of the trendline and created a small w pattern, which is known as a double bottom, on a bigger scale, it hasn't formed yet on a higher time frames)
So if I have to bet, I would bet down, as long as the long term bear trend resolve itself, but for now, location is very good for bears. I expect them to show up very soon, but if they don't show up, bulls won't hesitate a second to take over.
Comment:
1H RSI broken and retested
