Ethereum has completed a head shoulder formation and we see as first targets 1700 - 1600 and 1300.
The neckline of this HS formation has already been broken and Ethereum moves downwards in the trendchannel. Traders have become extremely cautious after all the liquidations of accounts during violent declines and that make the chance for a rise smaller and smaller.
Normally the price returns to the neckline after a first decline. The question is now, does it stop after the first target is reached. If ETH goes lower than that an important key level is broken and we will probably see lower targets soon.
Please share your thoughts and idea's below dear friends. What do you think and why do you think it with or without a chart.
I wish you all good luck with trading guys!
Disclaimer: this is my view, no advice to buy or sell. Also always do your own research!
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I expect a re-test of the neckine now and then a further decline. Take care for the bul traps. For the moment there is no bullish scenario, not in Bitcoin and not in Ethereum. Of course this can change but then certain levels need to be broken.
For example the right shoulder of the HS in Ethereum but a break trough the neckline with high volume is also a signal.
Succes and happy trading!
Good afternoon dear friends,
Here a little uodate so you can follow the price via the chart.
Ethereum has broken through the neckline of the head and shoulders formation and is now retesting it. Short positions around the neckline with a stop at the 2203 which is the high of the right shoulder is what I personally should do.
Also note the volume again as we sere it also in Bitcoin and other alt coins. Rising volume with falling price and vice versa. Extreme bearish behavior.
Trend only change when we set a higher high and a higher low.
See also the Bitcoin posts because if Bitcoin goes down, the rest will follow!
A new update. We are almost at the projected target but if Ethereum break out of the falling wedge, the target will be on a small pause.
Succes dear friends!
This trade is closed because the profittarget was reached/
Total profit 17.48%
Price will now likely retest the strong resistance first,
If there is a new trade I will post it as a new idea.
Thanks dear friends!
If there's anything wrong
I hope it can be corrected
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