DONATE & Share Post Your Content On Smart Money Management

Follow Our Hourly Post by Email

Saturday, August 29, 2020

Short Term Bearish On ETHUSD - Head & Shoulders Pattern Apparent

Short Term Bearish On ETHUSD - Head & Shoulders Pattern Apparent

ETH/USD COINBASE:ETHUSD

The bearish case:

1. Market Structure: Currently there is a head and shoulders clearly forming on the 12HR chart with the price action trying to get break through the 21 daily moving average.

2. Volume: The weekly candle this week is not a convincing indicator to expect higher price action - The bounce looks weak with low volume .

3. RSI: Weekly RSI is in overbought territory, but it could go both ways as it is sitting at about 72

Prediction: if the head and shoulders pattern play out, the measured price target is about 280.

The bullish case:

1. It needs to close above 420 to convince that the head and shoulders pattern is negated before looking for another leg up.

***
Please let me know your ideas, agree or disagree. Follow me as I will be posting updated charts on Crypto.



from Trading Ideas https://ift.tt/3b6y3km
via gqrds

No comments:

Post a Comment