Hello Traders,
Ethereum looks bearish AF here.
A big H + S pattern has formed with a bit of complexity around the right shoulder. Price has breached the neckline which now looks to be acting as resistance.
Even if you don't think this is a H + S, that neckline or major support/resistance line has been broken and price is being rejected to the upside.
The price could make a try for the upside into the pullback zone but I think this is looking bad for ETH.
Bulkowski H + S breakdown target is $46.09 but double check my math and formula as there are a few different examples on thepatternsite and it can be a bit confusing sometimes.
Ethereum looks bearish AF here.
A big H + S pattern has formed with a bit of complexity around the right shoulder. Price has breached the neckline which now looks to be acting as resistance.
Even if you don't think this is a H + S, that neckline or major support/resistance line has been broken and price is being rejected to the upside.
The price could make a try for the upside into the pullback zone but I think this is looking bad for ETH.
Bulkowski H + S breakdown target is $46.09 but double check my math and formula as there are a few different examples on thepatternsite and it can be a bit confusing sometimes.
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Every friggin time I post a chart idea I seem to get the scale wrong and it looks bad. Please move the chart around for a better look.
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A clearer image.
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From an Elliot Wave perspective this looks bad. Price has retraced into wave 1 territory which makes me think this whole structure is part of a big corrective move.
