ETH bearish flag or double bottom
Ethereum / TetherUS PERPETUAL CONTRACTBinance
Description
⋅ #ETH/USDT
ETH is inside ascending parallel channel, and now faced resistance zone between 0.5 and 0.618 fib levels of last 4h swing down.
🐻 rejection from this zone and break down from lower line of channel can drop price to $600 as channel will act as bearish flag.
🐮 break out from middle line can increase price to $1500 to complete the double bottom pattern.
Trade active
⋅ #ETH/USDT
last analysis is still valid
price is below middle line of ascending channel.
🐻 price can drop to support zone between 0.5 and 0.618 fib level of last swing high which is the same with lower line of channel.
🐻🐻 break down from lower line of channel will drop price to $700.
🐮 break out from middle line will increase price to upper line.
Comment
⋅ #ETH/USDT
#update
ETH broke down from ascending channel, so bearish flag activated and price can drop to $700 and lower.