ETH Ethereum 1550 target! New head and shoulders pattern
Atualizado
Hello traders,
Here is an update on Ethereum on the 4 hourly chart
We are seeing another perfect head shoulder formation forming here. Ethereum has not yet broken through the neckline but I expect this to happen in the short term when looking at the Crypto market in general. Bitcoin is bearish and drags the other coins also down.
The target for Ethereum with this H-S formation is 1550 which is a also and important key level due to the previous bottom.
The RSI can still fall a to 20. After that look out for a positive divergence and other signals such as bullish candles, higher highs, higher lows on short time frames in order to go long after the target is reached. On its own the RSI does not say everything. It is the combinaton like important support levels (1550) and bullish candles which can make a great setup to go Long.
But of course only after confirmation. For example on lower timeframes to find the perfect entry!
Here is an update on Ethereum on the 4 hourly chart
We are seeing another perfect head shoulder formation forming here. Ethereum has not yet broken through the neckline but I expect this to happen in the short term when looking at the Crypto market in general. Bitcoin is bearish and drags the other coins also down.
The target for Ethereum with this H-S formation is 1550 which is a also and important key level due to the previous bottom.
The RSI can still fall a to 20. After that look out for a positive divergence and other signals such as bullish candles, higher highs, higher lows on short time frames in order to go long after the target is reached. On its own the RSI does not say everything. It is the combinaton like important support levels (1550) and bullish candles which can make a great setup to go Long.
But of course only after confirmation. For example on lower timeframes to find the perfect entry!
Trade ativo
Here a short update for Ethereum. A picture say more than a thousand words.H-S pattern still intact unless we make an ATH.
Personally I see it bounce back at the upper RSI. But with an outbreak to the upside things can turn. But be carefull we always can form a double top because we are close to that all time high Bitcoin is still pretty weak.
If we breakout above previous All time high then wait for 2 candles to close above it and of course we want to see gooed volume!
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