ETHUSD H&S Trend reversal
ETH has a head and shoulder formation at the top, showing a trend reversal. This has recently broken out, and we can expect a downtrend.
We can see the 50 EMA and the 200 EMA almost crossd each other, however if we continue in the downside, the 200 EMA will keep moving above the 50 EMA, as a bearish sign.
Also the 50 EMA was working as support, however with this recent breakdown it had failed as support and we can expect more bears to enter the market. ETH is also breaking below the 0.618 level.
On the other hand, we're still in the pink downtrend channel. Also the MACD had several fails to have a bullish crossover. With all these indicators I have placed a target on the 820 area for the H&S.
Take into account, we're closing the day on the dowtrend channel with BTC.
We can see the 50 EMA and the 200 EMA almost crossd each other, however if we continue in the downside, the 200 EMA will keep moving above the 50 EMA, as a bearish sign.
Also the 50 EMA was working as support, however with this recent breakdown it had failed as support and we can expect more bears to enter the market. ETH is also breaking below the 0.618 level.
On the other hand, we're still in the pink downtrend channel. Also the MACD had several fails to have a bullish crossover. With all these indicators I have placed a target on the 820 area for the H&S.
Take into account, we're closing the day on the dowtrend channel with BTC.
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