Hello traders 🐺 .
If you remember in my last update for the ETH I was told you that the ETH is inside the triangle pattern , but after the break out from the pattern I realize that the triangle pattern need some correction in the shape so I redrawn the lines and get a better prospective from the current pattern .
Let's talk about the pattern :
In the chart above we can see that ETH is inside the triangle pattern and in my opinion currently there is possibility for retesting the previous support around the 0.5 Fibonacci level which is in alignment with the daily support structure , but why I'm thinking so ?
The answer of this question is hidden in the weekly time frame ☝🏻 :
Look at the EMA Ribbon , for the first time after a long period of time , EMA Ribbon is flipping to the bearish and this is huge bearish sign , since 2 years ago , but If you notice to the chart , you realize that the every time that the price break below or above the EMA Ribbon ; comes back for retest it as confirmation .
Currently at time of writing this idea EMA Ribbon is around the 0.5 Fibonacci level and this could give us more information about the possible futures move , because if price decided to comes back again and retest the EMA Ribbon we could say that :
Price is above a weekly support structure and also the 0.618 Fibonacci level , from the other side we have EMA Ribbon which is flipping to bearish and it's around the 0.5 Fibonacci level so we can say that there is chance for the ETH to comes back for retesting the EMA Ribbon around the previous big level of support .
If you remember in my last update for the ETH I was told you that the ETH is inside the triangle pattern , but after the break out from the pattern I realize that the triangle pattern need some correction in the shape so I redrawn the lines and get a better prospective from the current pattern .
Let's talk about the pattern :
In the chart above we can see that ETH is inside the triangle pattern and in my opinion currently there is possibility for retesting the previous support around the 0.5 Fibonacci level which is in alignment with the daily support structure , but why I'm thinking so ?
The answer of this question is hidden in the weekly time frame ☝🏻 :
Look at the EMA Ribbon , for the first time after a long period of time , EMA Ribbon is flipping to the bearish and this is huge bearish sign , since 2 years ago , but If you notice to the chart , you realize that the every time that the price break below or above the EMA Ribbon ; comes back for retest it as confirmation .
Currently at time of writing this idea EMA Ribbon is around the 0.5 Fibonacci level and this could give us more information about the possible futures move , because if price decided to comes back again and retest the EMA Ribbon we could say that :
Price is above a weekly support structure and also the 0.618 Fibonacci level , from the other side we have EMA Ribbon which is flipping to bearish and it's around the 0.5 Fibonacci level so we can say that there is chance for the ETH to comes back for retesting the EMA Ribbon around the previous big level of support .
