Some new, outside the box thinking for the hunting trip again.
I am in a long position right now, but I didn't realize the urgency about this breakout until now.
From my findings It seems that the previous breakout attempts are linear with the first and second one that failed.
(See the blue triangle upper lining up perfectly with the previous breakouts to the current breakout).
You could also spot the drop that occurred after that that was partially formed outside the downtrend line ("The breakout(s)").
This Makes me VERY nervous when i was analyzing the current breakout, and for those who don't know what im talking about, I'm talking about the MASSIVE forming (faint dashed red lines).
Sure, many have probably spotted this, but this does NOT mean it will materialize by any means, if you look at the first left shoulder thats within the red dashed line, it actually rallied up to form the current head, and now we are at the right shoulder. So we should not over read into this, but you should definitly prepare for such outcome.
So my conclusion of the current chart is that we are in a last stand with the bears, it's do or die, i don't see another option but to go back and re-test the 0.236 support if we don't rally from here.
We have a standoff and the winner will be revealed very soon, stay safe and good luck!
Mid Support: 635-655 (Fib 0.786)
Major Support: 455-500
Trade Target: 875 (Fib 1.618)
Stop Loss: 695
Which Way Do We Go ?
Possible not not plausable.
I'm not gonna let a chance to gain more eth cheaper slip away, i rather sit in a bear market for a while with a ton more eth than wait for a rally with a smaller amount that might or not might happen.
We are moving down slowly now, 700-705 will bring us to the edge of the channel we are in, this channel has been respected since 22/2, a violation of that channel could complete the HS pattern and could trigger massive selloff. But at the same time we are close to the end of a larger ascending triangle as well, so it's hard to judge the direction here or where the market wants to go.