Eth using a new shampoo lately
H&S pattern has played out for Eth, creating a lower right shoulder under support as noted yesterday, failed to follow Btc up for ATH breakout, completed second lower shoulder and roll off. Rsi on all lower time frames are reset to 20-40 region, good for a bounce at this level. All emas in lower time frames crossing to the downside, indicating heavy downward sell pressure. Eth bounced at approx 1780, which happens to be where the daily 21 ema is currently, which is generally good, it’s bound to retrace to it periodically. As long as we maintain above it, trend is still ok for a rebound and some continuation. Important to see how it recovers from here, we may see further downside and possibly a heavier correction in the works, as lower highs and lower lows are forming since pegging 2040. Is this it for now, or is this just the head of a bigger H&S pattern when we zoom out? It does seem that the pattern is found on multiple scales. Again, support line is the key indicator for validation of pattern.
Unclear how it will recover at this level, with heavy downward pressure, it’s possible to see lower targets come in to play. If 1640 does not support, a more significant downtrend could come in to play. With RSI levels cooled off now, I hope for a bounce and more effort to the upside at least for the short term, but Btc will ultimately call the shots on momentum. Unless we see a significant recovery, I think more downside may be possible, rsi can always go to 0 for full reset, and Btc has more resetting to do.
Eth targets 1970 breakout, 1940 hi, 1890 mid, 1760 lo, 1640 macro trend lo.
This is not financial advice of any kind, I am wrong a lot.
Unclear how it will recover at this level, with heavy downward pressure, it’s possible to see lower targets come in to play. If 1640 does not support, a more significant downtrend could come in to play. With RSI levels cooled off now, I hope for a bounce and more effort to the upside at least for the short term, but Btc will ultimately call the shots on momentum. Unless we see a significant recovery, I think more downside may be possible, rsi can always go to 0 for full reset, and Btc has more resetting to do.
Eth targets 1970 breakout, 1940 hi, 1890 mid, 1760 lo, 1640 macro trend lo.
This is not financial advice of any kind, I am wrong a lot.
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