Ethereum ETH - Updated Cup & Handle Idea
Just updating my Cup & Handle idea with some extra things I've noticed.
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Looks like it's bouncing off the bottom of that channel, with a bullish divergence - likely will start heading towards the top of the channel
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Everything about this idea has been invalidated from the crash last night lol (I think a lot of it had to do with Poloniex)
It now looks like an Ascending Channel:
In the short term, it's trying to reverse, potential inverse H&S here:
the target would basically bring it back up to the trendline that was formed from the previous highs of the past week or so.
But there is a lot of resistance and if it doesn't break through I think we could see some more downside over the next few days
It now looks like an Ascending Channel:
In the short term, it's trying to reverse, potential inverse H&S here:
the target would basically bring it back up to the trendline that was formed from the previous highs of the past week or so.
But there is a lot of resistance and if it doesn't break through I think we could see some more downside over the next few days
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I guess it's possible that the crash was an overreaction to poloniex issues, so I guess this idea may still play out even though the pattern has been broken - however I'm not betting on it until we see some solid signs. A big BTC retracement (of at least a couple hundred dollars) may be a trigger so watch for that. Otherwise, this is my latest idea:
