hello guys hope you doing well in my previous ETH analysis based on weekly chart I said we are on very Important weekly and monthly structure in that analysis I siad we could have one last pump just to liquidate shorts and trap longs and that happend and now we are in a retracement a weekly close like this is not a good sign . . . lets look at daily based on daily chart we are sitting right on a very important support price can bounce from here to 400 area of resistance we can wick down blow to 370 are but I think this Area can hold price for Now a daily close below this Area can accelerate downward movement so be careful here personally I think best place to re-accumulate is the 300-320 area
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in 4H time we are between support and resistance I personally think price can form a head and shoulder pattern let's see how it plays
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in 4H time we are between support and resistance I personally think price can form a head and shoulder pattern let's see how it plays
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price reached short term target close above this zone is bullish signal and nice short term buying opportunity green line is possible head and shoulder neck line breaking below this line can accelerate downward movement
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as predicated price rejected from the zone personally i think breakdown is more likely than breakout
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boom neckline broke if we close 4H candle like this then head and shoulder is confirmed and we are likely see lower price for ETH
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after yesterdays drop price recovers and now it's back to neckline of head and shoulder I'm still short term bearish on ETH I'm expecting a pullback to 300-320 zone and from here we can begin a new uptrend in this chart clearly we are rejecting from this important structure if we push above near the right shoulder and I become a bull again for potential to make new highs in 2020
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in 1H chart we can clearly see price is trying o push above the neckline but keep in mind that this can be a bearish flag if we break above channel price can easily rise but if we breakdown price can easily drop very fast
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As you can see we made a fakeout above the neckline And now we are below it and bottom of channel if we push above neckline one more time it will be bullish and I will close my short positions
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chart with indicators
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we break down channel now it is acting as resistance in 1H keep in mind that if we drop the 365 370 support are is weak now and it can break easily
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after a fake pump just for liquidation now we are breaking down even fake pumps respect trendline and channel I'm still bearish even in short time frames noting changed