Wanted to post this quickly for tracking purposes. I mentioned this potential inverse head and shoulders play in my post on Bitcoin earlier this morning. I'm curious to see how this plays out given the current juxtaposition of price relative to the pitchfork channel. Historically, I would think 61.8% retrace, but the PF is saying 38.2%.
*NOT TRADING ADVICE*
This is BTC but ETH mirrors this on small time frames. Descending triangle looking primed to kickoff our right shoulder:
We may be looking to make a iH&S or inverse adam and eve with a more horizontal neckline. Watch for price reversal around $1k.
Pardon the cluttered chart here, but this shows multiple indications for resistance at $900 and $1000 levels. Summarized below:
$900 - 1.272 fib extension of corrective wave, 0.5 fib retracement of down trend, 150 4hr SMA
$1000 - 1.618 fib extension of corrective wave, 0.618 fib retracement of down trend, 100 4hr SMA
Additional reason for $1k resistance, bottom of 4hr Cloud