Perhaps a head and shoulders forming on the ETH 1 hour chart. This predicts we will go down from here to test the support at around $460 or maybe even lower to $445. However, we've seen some pretty heavy support around $485/$490, so it'll be interesting to see if this holds!
Just my two cents here, not trading advice :) would appreciate other's thoughts!
I wish, but head and shoulders need to have equivalent shoulder sizes. Whoever is driving this thing just wont let it post lower lows at all lately.
jscduk12
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@oshin11, Hello oshin11! Thank you for the insight. Is this always the case then? Both shoulders must always be the same size? And how about the timeframe, do you think the 1 hr chart is too small a timeframe? I did a post on XRP too that spotted a 'potential' H&S; I'm assuming that has the same issue?
And yes, someone is definitely driving this market lol and we're all just the passengers. Hopefully we're about to go up a hill instead of driving off a cliff, but who knows!