Hi All,
The whole crypto market is in correction mode. ETH will probably follow Bitcoin on his journey to 8500 $.
As we can see ETH failed to break the descending trendline - the price was rejected to the downside. RSI indicator gives a lot of space for a further drop.
I expect the price to bounce of the 100 MA which also converges with the 50% Fibonacci retracement. This bounce will form the right shoulder and complete the bearish H&S formation that is hanging just below the descending trendline.
The price should drop to around 500 $ - 530 $ to meet the major ascending trendline and the 61.8% Fibo retracement area.
Hope it helps.
Good luck!
The whole crypto market is in correction mode. ETH will probably follow Bitcoin on his journey to 8500 $.
As we can see ETH failed to break the descending trendline - the price was rejected to the downside. RSI indicator gives a lot of space for a further drop.
I expect the price to bounce of the 100 MA which also converges with the 50% Fibonacci retracement. This bounce will form the right shoulder and complete the bearish H&S formation that is hanging just below the descending trendline.
The price should drop to around 500 $ - 530 $ to meet the major ascending trendline and the 61.8% Fibo retracement area.
Hope it helps.
Good luck!
Comment:
We bounced from the 100 MA just as expected and now forming the right shoulder of H&S bearish pattern.
Comment:
BANG ! 530 $ target reached !!! :D
Trade closed: target reached