ETH: BEARISH PENNANT! STILL HOLDING THE TRENDLINE SUPPORT!!
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Welcome to this ETH update. In my previous ETH update, I told you that ETH is ready to go above $1500 but after the breakout, it turns into a fakeout and again back inside the triangle. Look when I'm wrong then I have no shame to accept it and always try to learn from my mistakes.
Now, let's get to the chart.
In the 8hr time frame chart, I clearly see that ETH is forming a bearish pennant kind of pattern but the good thing is that it's still holding the trendline support somehow. So there is a possibility that we might see a little bit of pump up to the trendline resistance ($1350-$1360) from here.
Once it breaks down the pennant, then it confirms that it is ready to go to lower areas. Do not open a short position now. If you want then the best are for short is around $1350-$1360 with the stick SL or wait for a clear breakdown of the pennant.
Invalidation:- If 8hr candle breaks and close above the trendline resistance($1350)
If you like this idea then do support it with like and follow.
Also, share your views in the comment section.
Thank You!
Welcome to this ETH update. In my previous ETH update, I told you that ETH is ready to go above $1500 but after the breakout, it turns into a fakeout and again back inside the triangle. Look when I'm wrong then I have no shame to accept it and always try to learn from my mistakes.
Now, let's get to the chart.
In the 8hr time frame chart, I clearly see that ETH is forming a bearish pennant kind of pattern but the good thing is that it's still holding the trendline support somehow. So there is a possibility that we might see a little bit of pump up to the trendline resistance ($1350-$1360) from here.
Once it breaks down the pennant, then it confirms that it is ready to go to lower areas. Do not open a short position now. If you want then the best are for short is around $1350-$1360 with the stick SL or wait for a clear breakdown of the pennant.
Invalidation:- If 8hr candle breaks and close above the trendline resistance($1350)
If you like this idea then do support it with like and follow.
Also, share your views in the comment section.
Thank You!
