SELL Ethereum!! Eth H&S Pattern Confirmation. Bears in Control!
This chart is pretty self-explanatory.
Head and shoulders pattern has completed and with current Macro-Economic conditions worsening and tightening, I guess this truly was one of those, "Buy the rumors, sell the news" events with the Ethereum Merge.
Not only this, but we are consistently trending down, making a series of lower highs and lower lows. The trend remains intact and very strong.
I thoroughly expect us to double bottom or even make a new low on Ethereum. The time frame for when this happens remains to be seen.
My take profit Targets on my short are $1000 - $880 for 75% of my position. I will hold this position into a new low if that occurs.
This will be my position on the markets until we print a new higher high and a breakout on Ethereum above $2,050 will prove this theory wrong.
Head and shoulders pattern has completed and with current Macro-Economic conditions worsening and tightening, I guess this truly was one of those, "Buy the rumors, sell the news" events with the Ethereum Merge.
Not only this, but we are consistently trending down, making a series of lower highs and lower lows. The trend remains intact and very strong.
I thoroughly expect us to double bottom or even make a new low on Ethereum. The time frame for when this happens remains to be seen.
My take profit Targets on my short are $1000 - $880 for 75% of my position. I will hold this position into a new low if that occurs.
This will be my position on the markets until we print a new higher high and a breakout on Ethereum above $2,050 will prove this theory wrong.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.