Hi friends! Welcome to this update analysis on Ethereum! As you can see on the chart, ETH has dropped like a rock from the bear flag consolidation pattern. Just for the record, when I was posting charts about the bear flags yesterday, I got the usual push-back from the amateur analysts (at best) who think they know it all. They told me the bottom was in, I was ignoring the volume, these weren't bear flags, blah blah blah. Listen, when you're in university, do you teach the professor, or does the professor teach you? Moving on, you can see that the breakdown is clearly continuing. My triangle target, looks like a magnet that's drawing ETH directly toward it. With that said, it is not a 100% certainty that the triangle target will be met. However, given the aggressive bearishness in this market, I think a test of the triangle target is a high possibility.
If you recall from yesterday's post, I said "As you can see, there is a ton of overhead resistance, just above the current price action. We have the 200 EMA (in purple,) the 50 EMA (in orange,) the 38.2% retraced, the top of the bear flag , and the blue trendline which is the neckline of the head and shoulders pattern." looking at the chart today, we can see that the aforementioned overhead resistance proved to be fatal, and is sending ETH lower. Furthermore, we have a bearish crossover now, on the MACD, an increase in sell-side volume, and a death cross of the 50 and 200 EMAs. The technical implications of the death cross are negligible, but it's just an interesting development to note, which indicates a significant decline in the recent price action of ETH.
Overall, the next downside target is the 61.8% retrace, around $775. Below that, ETH could find some support around $665.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-
If you recall from yesterday's post, I said "As you can see, there is a ton of overhead resistance, just above the current price action. We have the 200 EMA (in purple,) the 50 EMA (in orange,) the 38.2% retraced, the top of the bear flag , and the blue trendline which is the neckline of the head and shoulders pattern." looking at the chart today, we can see that the aforementioned overhead resistance proved to be fatal, and is sending ETH lower. Furthermore, we have a bearish crossover now, on the MACD, an increase in sell-side volume, and a death cross of the 50 and 200 EMAs. The technical implications of the death cross are negligible, but it's just an interesting development to note, which indicates a significant decline in the recent price action of ETH.
Overall, the next downside target is the 61.8% retrace, around $775. Below that, ETH could find some support around $665.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-