ETHUSD Analysis 19/01/22 1hr
Update from previous idea:
Still working our way down to my technical target we did see a drop in price and further continuation down but we are slowly facing more support, which is good.
I just don't want people being fooled into thinking this is the bottom. its like we are making a constant ABC correction if you don't know what that is go on babaypips and have a look. definitely still in bearish market structure here, we would need to break my green line here and make a higher low to start to have any hope of a reversal anytime soon.
we are getting extremely close to the projected price target of this double top formation with a couple tests of the neckline, I would love to see a volatile move down probably breaking the target with a wick and then the rally back to the upside. so nothing has really changed yet ill update more if we see anything dramatic, pretty boring at the minute but at least we're not at 0!!
Still working our way down to my technical target we did see a drop in price and further continuation down but we are slowly facing more support, which is good.
I just don't want people being fooled into thinking this is the bottom. its like we are making a constant ABC correction if you don't know what that is go on babaypips and have a look. definitely still in bearish market structure here, we would need to break my green line here and make a higher low to start to have any hope of a reversal anytime soon.
we are getting extremely close to the projected price target of this double top formation with a couple tests of the neckline, I would love to see a volatile move down probably breaking the target with a wick and then the rally back to the upside. so nothing has really changed yet ill update more if we see anything dramatic, pretty boring at the minute but at least we're not at 0!!
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