ETH rejected from monthly resistance with broadening formation

hello guys hope you doing well
in my previous analysis from early august I said many times we are in very important monthly resistance on daily we go above this area 2 times but weekly chart is more important price can not held this zone as support
.
.

.
.

.
.
you can see how price rejected form this zone on weekly chart

we are currently on fib 0.382 support but in my opinion this zone is not very powerful
300-310 area is also important on weekly chart
we can wick down below it to 280 or 270 area
these support are good zones to buy
.
.

on daily you can see we breakdown with high volume this is not good sign price can continue downward movement without pullbacks
if price pullbacks to the resistance area it can be a good chance to sell your ETH
I will update short term changes on this analysis

Comment:

we jumped right from purple box and we are rejecting by short term down trendline if we break it we can have a pump to 360-370 area a very good chance to sell or short because trend is down and trend is your friend

Comment:

I said in last update if we pullback to 360 370 area it is good chance to sell your ETH price rejected right at 360 and can not make a higher high it is too early to draw this symmetric triangle but it is possible to consolidate within this triangle i think breakdown chance is more than break to the upside

Comment:

price bounced right at the bottom of the triangle

Comment:

now you can see price is in a symmetric triangle
if we break to the upside our next target is resistance purple box
but if we break to the downside our next target is support purple box

Comment:

price is breaking the triangle these are possible trades with good probabilities do not over leverage ,use stop loss.

Comment:

I closed my long because there is lots of resistance in 375 I consider a short if we can get to important resistance area

Comment:

price looks bearish to me it is forming a rising wedge and it is close to resistance zone
I am considering to take a short if we can get to the apex of the wedge formation

Comment:

short trade active
now you can lower stop to break even point

Trade active:

now you can lower your stoploss and this trade will be 4% wining trade even with stop
every one is shorting bitcoin it is not a good sign price can reverse quickly for this reason lower your stops
at night S&P500 futures will be open and due to the correlation of BTC with S&P500 and weekly close it is possible that tomorrow to be a volatile day for crypto keep this in mind
we broke rising wedge and the target of this pattern is around 324

Comment:

Position closed with stop with profit get out of short bitcoin looks bullish to 11 and if bitcoin bullish ethereum will be bullish as well

Comment:

ETH/BTC pair looks bearish to me
after a huge drop from high to lower low and making a lower high after that is not good sign
if we break this support it is not good and we can go lower than previous lows and this mean that alt season is over
that means if BTC drops alts will bleed and if BTC goes up they go up slower

Comment:

in last update I said ETH/BTC pair look bearish after that we dropped

previous low is very important if we break it this is a bad sign for ETH and whole altcoin market
BTC is facing resistance now around 10900 and 10800 if BTC drops I think alts will bleed

Comment:

Because of bitcoin pump ethereum pumped as well we close short at 370 with profit and price goes to 380 area because of bearishness of ETH/BTC and all ALT/BTC pairs
With btc pump from 10600 to 10900 they droped
Now ETH/USDT pair again looks bearish it broke down the channel and bulls last barrier is 350 support if this support breaks to the downside all market will bleed

Comment:

ETH still showing bearish price action
price is range between support and resistance
It is early to draw this triangle but it is possible to form it
But ETH/BTC pair again showing bearish Price action near important support

BTC is near important resistance level and it is correlated with S&P500 and GOLD, in my opinion if they drop BTC will drop as well but the only thing that’s make me bullish near this important resistance is that every one is short on future market if BTC break this area it is possible to have short squeeze to 11.4 or higher

Comment:

as I said that triangle was drawn early
we are in a consolidation do not take trades within this range and wait for breakout

Comment:

price broke out from the range last night and now we are pulling back
if we break red dots we will have a fresh rally
red dots are cup and handle neckline
my indicator flashes green every thing is good for now
if BTC consolidate below 11 and does not fall only ETH can rally a little other alts are still bearish in my opinion
be cautious with ETH every thing can change within minutes like2 days ago we had bearish ETH now it looks bullish

Comment:

ETH/BTC again in important structure if this area holds price then we can have a rally in short term but if this support fails again it is possible to retrace deeper than previous lows

Comment:

Looks like price is going bearish path and that pump in 1 hour was bull trap