After a thorough analysis of the BINANCE:ETHUSDT chart on a 6-hour timeframe, I've observed a complete Head and Shoulders pattern, with the neckline breached near point B. The pattern indicates a potential SHORT trade, with a target of point C at approximately the 0.618 Fibonacci retracement level of the prior uptrend, corresponding to a price of 2083.91 USDT.
Upon reaching point C, if the price action suggests a reversal with strong bullish signals, such as a Double Bottom formation, there could be an opportunity for a LONG position. The LONG trade could target point D, which is near the 1.861 Fibonacci extension level of the downtrend, projecting a target around 5104.17 USDT.
Please keep in mind this analysis is based on current technical patterns and Fibonacci retracement and extension levels, which are subject to change with market dynamics. This is not financial advice but rather a sharing of my strategy based on my interpretation of the data. Ensure to conduct your own research and apply proper risk management.
observation of the Head and Shoulders pattern with a breach at the neckline presents a compelling case for a SHORT position down to the 0.618 Fibonacci level