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Ethereum forming a major head and shoulders reversal!

BITFINEX:ETHUSD   Ethereum / Dollar

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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This analysis is provided as general market commentary and does not constitute investment advice.
lol
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Z
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FAILED. ETH TO 2000 USD
+3 Antworten
Fail
+3 Antworten
@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 Antworten
krwhitley 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 Antworten
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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