cherity

Ethereum, watch out for the bear...

POLONIEX:ETHUSDT   Ethereum / Tether USD
I don't like it and I don't want to believe it, but it's there and in this market, anything can happen.

The most recent price action forms a bear pennant that is also a rising wedge , double bearish .

If this breaks to the downside the target breaks the first MAJOR long term trendline , shown in yellow dots, for the first time ever. It also breaks the neckline of a super ugly head and shoulders pattern with a very low neckline target that lines up with where is the first next possible longer term trendline (also in yellow dots).

Some really shitty news could be the tinder that sparks the selloff. The chart is already set up for it.

Sorry, don't hate me. Just be careful is all I'm saying

Comment: You were warned ;)
Comment: continued carnage!! second long term trendline looking like it could be reached at this rate...
nice setup
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cherity TradingStatistics
@TradingStatistics, Thanks a lot :)
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What do you think it would take to negate this analysis? ANy thoughts on timescale? This would be super useful. Thanks for your time ;-)
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cherity JN9797
@JN9797, The rising wedge breaks to the upside, support levels like the daily ema 70 and the first major trendline provide support, then we go on to make higher highs and higher lows. Breaking the trendline could see us continue down until maybe mid march until it meets the lower major trendline. Totally hypothetical of course, I have no idea what's really going to happen unfortunately ;)
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JN9797 cherity
@cherity, Thnks for the response. All clear now. Lets see what happens with this.
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