ETHUSD: Major bear pennant nearing breakout
So this is a fun one to chart. Been looking at this bad boy forming for a while now, and the potential of a near 100% retrace on the year is just too juicy to ignore.
Flag poll starts ~315, since then we've basically been in a death spiral that has now painted one hell of a nasty continuation pennant.
Volume is prime as well, clear consolidation into the end of the pennant. ETHBTC is still in no-mans land, so the BTC pairing supports the bear pennant breakdown that would send ETH into the double digits.
Invalidation would be around 240 with massive volume to indicate a solid break of 230 and buy interest.
If you saw my BTC meme chart (yea I'm still pretty pumped about that), I'm 100% going with the idea we topped out at 13,800.
I think if something is going to lead the next leg down, ETH is primed to lead the pack and murder alts and send BTC to ~7.5K
Flag poll starts ~315, since then we've basically been in a death spiral that has now painted one hell of a nasty continuation pennant.
Volume is prime as well, clear consolidation into the end of the pennant. ETHBTC is still in no-mans land, so the BTC pairing supports the bear pennant breakdown that would send ETH into the double digits.
Invalidation would be around 240 with massive volume to indicate a solid break of 230 and buy interest.
If you saw my BTC meme chart (yea I'm still pretty pumped about that), I'm 100% going with the idea we topped out at 13,800.
I think if something is going to lead the next leg down, ETH is primed to lead the pack and murder alts and send BTC to ~7.5K
Order cancelled
I am closing this due to being outdated from the pattern that has been painted. The bottom of the pennant turned to resistance after fakeout-breakout, and the overall pattern seems to have shifted to a bear flag.
Chart was not invalidated, 240 wasn't breached and there wasn't sizable volume.
New chart has been posted.
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