ETCUSD - My Bearish Outlook
So from what I see Ethereum like Bitcoin is also forming a symmetrical triangle. Because I see both patterns as being very similar and the outcomes most likely similar I have just copied over most of my Bitcoin analysis.
In my Bitcoin chart that I just published, I explained how In most instances, the symmetrical triangle is a continuation pattern which unfortunately would mean more downside for Ethereum.
Symmetrical triangles also indicate a period of indecision in the market which plays out as a pattern that moves sideways as bulls and bears fight for dominance.
As you can see by the chart we are seeing classic signs of the symmetrical triangle or contracting wedge , there is the continued tightening or coiling of the consolidation pattern along with decreasing volume as the pattern tightens
and pressure builds so when the breakout does occur you can usually expect it to be accompanied by a large spike in volume .
Generally, with a symmetrical triangle, the breakout will occur near the 1/2 or 3/4 point of the pattern, to me, it looks like we are very near the 3/4 point so I would say a breakout is imminent.
Looking at the chart I can see pretty good support around the $500 level and if that does not hold I see even stronger support in the $400 area and then in the $300 area.
Just based off what I am seeing in the chart I am bearish in the short-term (weeks or months) but remain bullish long-term (years). I will be watching the price action closely for possible trade opportunities and also for opportunities
to pick up more Ethereum at discount prices to add to my long-term holdings.
In my Bitcoin chart that I just published, I explained how In most instances, the symmetrical triangle is a continuation pattern which unfortunately would mean more downside for Ethereum.
Symmetrical triangles also indicate a period of indecision in the market which plays out as a pattern that moves sideways as bulls and bears fight for dominance.
As you can see by the chart we are seeing classic signs of the symmetrical triangle or contracting wedge , there is the continued tightening or coiling of the consolidation pattern along with decreasing volume as the pattern tightens
and pressure builds so when the breakout does occur you can usually expect it to be accompanied by a large spike in volume .
Generally, with a symmetrical triangle, the breakout will occur near the 1/2 or 3/4 point of the pattern, to me, it looks like we are very near the 3/4 point so I would say a breakout is imminent.
Looking at the chart I can see pretty good support around the $500 level and if that does not hold I see even stronger support in the $400 area and then in the $300 area.
Just based off what I am seeing in the chart I am bearish in the short-term (weeks or months) but remain bullish long-term (years). I will be watching the price action closely for possible trade opportunities and also for opportunities
to pick up more Ethereum at discount prices to add to my long-term holdings.
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