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Ethereum forming a major head and shoulders reversal!

BITFINEX:ETHUSD   Ethereum / Đô la

Ethereum             is forming a really strong major reversal signal with a head and shoulders formation. A break of major neckline support at 1096 (38.2% Fibonacci retracement , horizontal overlap support, neckline support) could trigger a strong move down towards 917 support (61.8% Fibonacci retracement , horizontal swing low support). If price breaks this major level of support, then our major resistance level would be at 1177 ( Fibonacci retracement , horizontal overlap resistance).

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Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.

This analysis is provided as general market commentary and does not constitute investment advice. We will not accept
lol
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Z
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FAILED. ETH TO 2000 USD
+3 Phản hồi
Fail
+3 Phản hồi
@Jeandp,

Most importantly why did it fail? Because poster zoomed in so closely. These patterns only hold real value when looked at in weeks and months not hours and a few days.
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There is a ton of support volume at ~1250 (seen any time the price bounces off that), and in general, a constant buy pressure despite the price dips. ETH is being bought up, so my bet is a continued rise, despite the ATH levels.
+2 Phản hồi
krwhitley PRO krwhitley
@krwhitley, To further expand on this, I'm tracking real-time buy/sell volumes to have more insight into the underlying traffic below the generic "volume" (both sides combined) we see in traditional charts. Of the big 3 (BTC/ETH/LTC), ETH is a breakaway with a unique accrual pattern all to its own. It's literally a constant climb in buying $ being pumped in, with price dips mostly completely unsupported by volume. BTC (and LTC to a lesser degree) on the other hand shows accrual dips when in a big downtrend. LTC is in a holding pattern, but some of the money may be exiting BTC soon unless I'm mistaken.
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Pretty weak call. People love to spout "H&S, H&S!" I'm not buying into it.
+1 Phản hồi
sethmdmic Tdunlap1310
@Tdunlap1310, I agree - it looks like they were stretching to make it a H&S to begin with, and based on the drawing it had already bounced off support and denied the H&S trend anyway, so I don't really understand this analysis.
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Looks about right, but we will see. Maybe re-enter around 900 instead of 800 like I originally thought...
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