ETHEREUM 4HR - HEAD & SHOULDERS BREAKDOWN? ARE WE "HEADED LOWER"
Updated
Hello All,
This morning I'm taking my analysis to Ethereum where we have spotted the Pyramids of GYZA on the 4 hour chart! This is not the best situation for us given market structure. We have recently tested the neckline with a rejection but I would like to see this continue but I'm not so sure that we dont see one more flush down to really capitulate the Ethereum markets before a sustained rally back up over the medium long term. If we do break the Head & Shoulders formation we need to look for some support levels where longs might get very interesting. If we head down into the Demand Zone I have illustrated on today's chart, Ethereum would find itself in the $192-195 area. I personally have confidence in this area and would be looking to potentially accumulate around here.
After years of trading I'm finally going to be sharing my thoughts and analysis of the markets on a daily basis.
Please follow me and give me a like! as I continue my adventures in the Crypto Markets.
Comments and Discussion are always welcome as the views of the many trump the opinions of the few.
This is my own personal analysis and I do not give financial advice.
This morning I'm taking my analysis to Ethereum where we have spotted the Pyramids of GYZA on the 4 hour chart! This is not the best situation for us given market structure. We have recently tested the neckline with a rejection but I would like to see this continue but I'm not so sure that we dont see one more flush down to really capitulate the Ethereum markets before a sustained rally back up over the medium long term. If we do break the Head & Shoulders formation we need to look for some support levels where longs might get very interesting. If we head down into the Demand Zone I have illustrated on today's chart, Ethereum would find itself in the $192-195 area. I personally have confidence in this area and would be looking to potentially accumulate around here.
After years of trading I'm finally going to be sharing my thoughts and analysis of the markets on a daily basis.
Please follow me and give me a like! as I continue my adventures in the Crypto Markets.
Comments and Discussion are always welcome as the views of the many trump the opinions of the few.
This is my own personal analysis and I do not give financial advice.
Note
Target Zone has been hot as expected! I was pretty confidant that it would come back to our demand zone and would give us a chance to enter at a better price. Given the velocity of the move we may see a bounce in Ethereum from here
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