ETH in Danger Zone, H&S and Triangle, Part 5
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ETH' is still extremely weak, as unstoppable as it was in Dec during the rally, it has turned around completely now. Target of the big H&S is at the Dec lows. In the middle we can see a possible bear flag in the making, which is confirming the H&S as well.
When we zoom in a bit, it looks like a triangle. I see 2 scenario's for the lower time frame:
1) Red line, which is IMO' the bullish version. Because than it could mean the target of the triangle is in play and NOT the target of the bear flag.
2) Blue line, we break up here, but the move up starts to weaken and slowly turning down again. If that happens, the bear flag scenario is very likely to happen.
Anything below 115 (Bitmex) is clearly bearish, above 120 things will be neutral again.
Previous analysis:
When we zoom in a bit, it looks like a triangle. I see 2 scenario's for the lower time frame:
1) Red line, which is IMO' the bullish version. Because than it could mean the target of the triangle is in play and NOT the target of the bear flag.
2) Blue line, we break up here, but the move up starts to weaken and slowly turning down again. If that happens, the bear flag scenario is very likely to happen.
Anything below 115 (Bitmex) is clearly bearish, above 120 things will be neutral again.
Previous analysis:
Nota
So after some small confusing moves, we could see the volume increase an hour before the breakout. But it was not without danger though, in the orange circle we can see a Bart move down was attempted, but failed (lets celebrate this tiny victory :) ). The blue line in the middle could still be in play, so it is important to see Bitcoin holding its levels and ETH as well now. It should stay inside the bull flag zone.
The 116ish (bitfinex) seems to be THE level to break for the coming days.
Nota
Updated ETH analysis:
Penafian
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