Possible head and shoulders pattern forming on the ethusdt pair on bittrex. I will be watching closely for confirmation of this pattern and a potential short position.
If it gets stopped by resistance at around 480 daily resistance level it will be a strong indication we are heading down. If it pushes up to retest the 4 hour resistance at 492 it could potentially break through and reject the head and shoulders, or confirm and continue down to form the right shoulder and C leg of an ABC correction.
Few different scenarios could play out so I'll be watching closely for short trades or holding on if it breaks!
If it gets stopped by resistance at around 480 daily resistance level it will be a strong indication we are heading down. If it pushes up to retest the 4 hour resistance at 492 it could potentially break through and reject the head and shoulders, or confirm and continue down to form the right shoulder and C leg of an ABC correction.
Few different scenarios could play out so I'll be watching closely for short trades or holding on if it breaks!