CheddarBizcuitz

CheddarBizcuitz

A tough breakdown after ETH fails to flip 3610 resistance potentially marking the start of a bearish cycle. Recovery has brought us back above 3500 but still remains below the lower W1 neckline limit, prior ascending support and EMAs. Remember that if this scenario holds true we should look to close weekly at the indicated intersection. www.tradingview.com

CheddarBizcuitz

A nice double-bottom recovery brings ETH back above EMAs though rejected again at 3610 (adjusted from 3615). It's possible to have this priceline act as an alternative pattern resistance marker which would position final breakout at W1 close. Given the amount of consolidation so far we should still be wary of possible breakdown however today's position is much...

CheddarBizcuitz

Rejection at 3615 prevents 50EMA alignment sending price back within the ascending pattern. With final breakout closing in we should aim to push above 200EMA to avoid EMA convergence. Ultimately look to sustain 3500 until pattern crossover for the best recovery chance. Keep in mind that signs at this time lean towards a pattern breakdown. A marker has been...

CheddarBizcuitz

Price managed to hold pattern sending us back into the 3600s before rejection around W1 piercing (3685). Consolidation is now between short-term EMAs with 50EMA providing a bit of support to prevent further pattern fillout. Look to push beyond short-term EMAs/3615 in order to raise 50EMA to pattern resistance. If sellout occurs focus on keeping above...

CheddarBizcuitz

ETH finally breaks pattern with a number of closes established above the W1 neckline (3580). However be wary as 50EMA divergence is struggling to succeed due to resistance at 3615. A daily close below 3615 (10 minutes) could trigger reversal and send us back into consolidation. www.tradingview.com

CheddarBizcuitz

A solid push flips short-term EMAs with a successful break at 3405 critical. Resistance remains around 200EMA so look to hold above 3405 until 50EMA alignment. Continuation to the W1 neckline (red) is assumed at this point. This will likely be our best chance in breaking pattern. www.tradingview.com

CheddarBizcuitz

Price remains around short-term EMAs aligning consolidation with a possible ascending pattern. Remember that the entry direction for this pattern is bearish which could result in a breakdown. Short-term to long-term EMA divergence should be the main goal for continuing recovery. www.tradingview.com

CheddarBizcuitz

ETH unable to pull through as price drops below short-term EMAs following 200EMA rejection. Ascending consolidation may be forming with W1 neckline (3520-3580) acting as resistance. Note that the entry direction for this pattern presents chance of a bearish outcome. A double-bottom off prior wedge resistance is also a possibility if correction...

CheddarBizcuitz

A solid push to neckline upper limit lengthens correction and aligns us with pattern recovery. 200EMA remains as the next critical resistance with 3685 as the assumed goal/neckline. Another correction is expected if this scenario proves successful however keep an eye of subsequent closes to determine if continuation is possible. www.tradingview.com

CheddarBizcuitz

Price drops to prior wedge resistance but recovers through another inverse head-and-shoulders. Current position is back at the W1 neckline (red zone) with H1 200EMA as the next hurdle. A larger-scaled inverse head-and-shoulders has been marked with prior W1 piercing as neckline. Given this layout we can assume a bit more consolidation before the next...

CheddarBizcuitz

Price failed to hold within the W1 neckline (3520-3580) as we keep below H1 20EMA. Resistance is now at 3210 critical with the goal of forming another inverse head-and-shoulders. The previous wedge pattern flip zone has been extended as a possible low for this scenario. www.tradingview.com

CheddarBizcuitz

ETH drops below 3500 once again preventing recovery to the D1 piercing goal. Closes have held within the W1 neckline (3520-3580) which provides some bullish indication. A double-bottom may be possible but keep on the side of caution. www.tradingview.com

CheddarBizcuitz

ETH briefly drops below 3500 reaching lows just shy of 3400. Formation of an inverse head-and-shoulders provided recovery to 50EMA but failed to close out daily/weekly properly. Additional correction can be assumed at this time with the new D1 goal at ~3580. www.tradingview.com

CheddarBizcuitz

Price drops below 3685 (W1 piercing) but closes remain within the red zone (W1 neckline). Ending weekly above 3685 is still the main objective but note the nearing position of 50EMA. A close above 3615 (3632) may also present some recovery hope as the D1 piercing. www.tradingview.com

CheddarBizcuitz

Price gets rejected at 3900 in an attempt to flip 200EMA. Correction holds around 3685 (W1 piercing) with lows hitting the red zone (W1 neckline). The goal now is to maintain above 3685 until weekly close in hopes of pushing back to 3810. www.tradingview.com

CheddarBizcuitz

ETH dropped a bit further than expected, taking us briefly below 200EMA before recovering. The stepping pattern has been adjusted and now indicates a weekly close closer to 4k. Continuation of pattern assumes eventual correction of this bullish advance. To hold momentum we should maintain 4k support in hopes of triggering a breakout. www.tradingview.com

CheddarBizcuitz

Consolidation closes in on 4k after another rejection at ~4050. A stepping pattern has been outlined which assumes an eventual push to 4150. However W1 close is expected closer to 4000-4050. Closing within this range should be the focus but continued recovery seems low. www.tradingview.com

CheddarBizcuitz

Price back above 4k after recovering from a drop to 200EMA. A slight double-bottom has now formed and may be the needed push for continuation. As a reminder there are roughly 5 days remaining on this weekly candle. Look to keep above 3685 critical to avoid further correction. www.tradingview.com