ETHEREUM Inverted HS - Target upper boundery triangle. SEE WHY!
Dear traders,
Here is a new analysis for Ethereum,
We see the 90 minute chart here for more detail. With a breakout above the neckline of the inverted head shoulder formation, we will first get some significant resistance from the descending trendline. Most likely the price will bounce off and retest the neckline of the inverted head shoulder formation and then continue to rise to the top of the ascending triangle. Please not that we need to break the neckline first with more than average volume before the Inverterd HS is validated!
Stop below the blue trendline of the ascending triangle. It is best to hold the stop BELOW this line and not on the line and increase it as time goes on. T
The target of the bullish falling wedge and the reverse head shoulder formation is 2761 USD or the top of the triangle which is reached first.
After that there will be a new analysis how it could go further.
As you know I have no bias for long or short. This bias can block your trading to such an extent that you won't be able to make a trade anymore. There are always contradictory signals, that's why you should focus on your trading style. For one person this could be horizontal support resistance trading, for another it could be pattern trading but also system trading. It's all possible and provided that you have a good money management and you place stops it's all profitable. Losses are caused by not placing stops, investing too much in a single trade, overtrading, fear and greed. Did you hit a stop? No problem, you've stuck to the plan and that's the most important thing. Don't focus on your account but on your trade!
If the price doesn't break the neckline but sinks, we'll probably fall back to the lower trendline of the ascending triangle. From there we need to follow the price action if ETH would break the line or bounce.
You also need to follow Bitcoin because all the ALTS will follow the leader. see my other analysis for that.
Support and resistance:
1977, 2176, 2230, 2318, 2455, 2629 and 2907.
Wish you all good luck!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like👍. That motivates me a lot to continue💚!
Here is a new analysis for Ethereum,
We see the 90 minute chart here for more detail. With a breakout above the neckline of the inverted head shoulder formation, we will first get some significant resistance from the descending trendline. Most likely the price will bounce off and retest the neckline of the inverted head shoulder formation and then continue to rise to the top of the ascending triangle. Please not that we need to break the neckline first with more than average volume before the Inverterd HS is validated!
Stop below the blue trendline of the ascending triangle. It is best to hold the stop BELOW this line and not on the line and increase it as time goes on. T
The target of the bullish falling wedge and the reverse head shoulder formation is 2761 USD or the top of the triangle which is reached first.
After that there will be a new analysis how it could go further.
As you know I have no bias for long or short. This bias can block your trading to such an extent that you won't be able to make a trade anymore. There are always contradictory signals, that's why you should focus on your trading style. For one person this could be horizontal support resistance trading, for another it could be pattern trading but also system trading. It's all possible and provided that you have a good money management and you place stops it's all profitable. Losses are caused by not placing stops, investing too much in a single trade, overtrading, fear and greed. Did you hit a stop? No problem, you've stuck to the plan and that's the most important thing. Don't focus on your account but on your trade!
If the price doesn't break the neckline but sinks, we'll probably fall back to the lower trendline of the ascending triangle. From there we need to follow the price action if ETH would break the line or bounce.
You also need to follow Bitcoin because all the ALTS will follow the leader. see my other analysis for that.
Support and resistance:
1977, 2176, 2230, 2318, 2455, 2629 and 2907.
Wish you all good luck!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like👍. That motivates me a lot to continue💚!
Comment:
This is the same chart but zoomed out for a more global view:
Trade active:
Hello dear traders,
Here a few more facts why I see Ethereum rising in the short term:
1. We have an inverted head shoulder formation but the neckline has not been convincingly broken yet. There is no volume yet but it will come for sure.
2. Ethereum has left the falling trend channel which is a nice bullish sign.
3. Ethereum has now corrected to the 0.62 fibonacci level which may trigger a rebound.
4. We are forming a mini Inv.HS forming but the right shoulder is not finished yet.
5. Bitcoin the leader has formed some nice bullish divergences and because Bitcoin is the leader this is an important fact.
My personal idea is that Ethereum is going back to 3000 USD due to these and more factors. This is not a guarantee just my idea based on what I see.
Is there a further decline in BTC and ETH? We are not going to see that until the lower trend line of the triangles are broken. Declines from this 0.62 fib. level should trigger a counter correction. Many have now become completely bearish but that also has a danger because too many traders who think the same way and the market often but of course not always goes the other way.
Traders, please do share your opinions here. Do you have new facts or ideas? Then please explain why because the more facts the more reliable.
Wish you all good luck!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like👍. That motivates me a lot to continue💚!
Here a few more facts why I see Ethereum rising in the short term:
1. We have an inverted head shoulder formation but the neckline has not been convincingly broken yet. There is no volume yet but it will come for sure.
2. Ethereum has left the falling trend channel which is a nice bullish sign.
3. Ethereum has now corrected to the 0.62 fibonacci level which may trigger a rebound.
4. We are forming a mini Inv.HS forming but the right shoulder is not finished yet.
5. Bitcoin the leader has formed some nice bullish divergences and because Bitcoin is the leader this is an important fact.
My personal idea is that Ethereum is going back to 3000 USD due to these and more factors. This is not a guarantee just my idea based on what I see.
Is there a further decline in BTC and ETH? We are not going to see that until the lower trend line of the triangles are broken. Declines from this 0.62 fib. level should trigger a counter correction. Many have now become completely bearish but that also has a danger because too many traders who think the same way and the market often but of course not always goes the other way.
Traders, please do share your opinions here. Do you have new facts or ideas? Then please explain why because the more facts the more reliable.
Wish you all good luck!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like👍. That motivates me a lot to continue💚!
Comment:
Hello traders,
The above scenarion dit not play out because the trendline from the inverted HS formation was not broken however, the pattern is stil valid.
We are now approaching the lower boundery of the triangle and this is an important one. If it breakout then only act when there is more than average volume and the close of a bar at least. That is for now not the case and a bounce is expected to complete the pattern but as always, only act what is happening not what we think or fear.
Good luck and happy trading
The above scenarion dit not play out because the trendline from the inverted HS formation was not broken however, the pattern is stil valid.
We are now approaching the lower boundery of the triangle and this is an important one. If it breakout then only act when there is more than average volume and the close of a bar at least. That is for now not the case and a bounce is expected to complete the pattern but as always, only act what is happening not what we think or fear.
Good luck and happy trading
Comment:
Dear traders,
Now the neckline has been broken with nice volume.
We only have the red resistance line but I expect that also to break rather sooner then later.
First target upper boundery of the triangle.
Same case for Bitcoin
Now the neckline has been broken with nice volume.
We only have the red resistance line but I expect that also to break rather sooner then later.
First target upper boundery of the triangle.
Same case for Bitcoin
Comment:
Helo traders,
Here are some good entry points.
Stop loss always under the triangle but not too close.
Here are some good entry points.
Stop loss always under the triangle but not too close.
Comment:
Traders here is another possibility if ETH not break trough right now. Still bullish.
Possible we form a new inverted HS en that would be the right shoulder.
Then we should re-visit the lower boundery again, bounce and complete the inverted HS with a breakout the neckline.
Of course we can also break the red declining trendline from my previous update right now but always good to anticipate what could happen!
Succes guys!
Possible we form a new inverted HS en that would be the right shoulder.
Then we should re-visit the lower boundery again, bounce and complete the inverted HS with a breakout the neckline.
Of course we can also break the red declining trendline from my previous update right now but always good to anticipate what could happen!
Succes guys!
Comment:
Meantime we are at the red trendline.
Comment:
possibly we see somthing like this but anyway, the upper boundery is the main target with stops between because it never goes in a straight line.
Succes traders!
Succes traders!
Comment:
Dear traders, I take my profit here. 0.62 fib level reached and can cause a nice bounce.
Comment:
We are at the top or very close for now.
Good luck guys!
Good luck guys!
Comment:
Here a possible scenario with buy zone. Most interesting is buying at the neckline or in the neighborhood.
Happy trading!
Happy trading!
Trade closed: target reached:
Traders this trade is closed. We continue in my new post.
