The mother of all head and shoulders patterns is close to completion. Looking at the daily, you can see we have a very reactive trendline, possibly neck line that stretches all the way back to the 10th of December, when prices were in the 400's. If you saw my "BEARTHERIUM" post recently, prices dropped by as much as 18% from the time I put out that warning, and it doesn't appear to have found a bottom yet. If price were to reach my full head and shoulders target AND close in that region, we will have closed beneath the the neckline of this massive hypothetical head and shoulders pattern, and that wouldn't be good.
I don't expect prices to close around the full head and shoulders target that I recently predicted and here's why. If you take a look at the chart, you can see how reactive the upward sloping trendline that I have drawn as been. I feel that line will be incredibly supportive but it doesn't mean that it can't be taken out.
Should we close below the neckline, that would be VERY bearish, not the ETH/USD is looking all that great at the moment anyways. But the target of this head and shoulders would put the price in the negatives... although I do expect pretty strong support around the $0 level :)
This is not a prediction, just to bring awareness of the monster lurking out there. Until this hypothetical head and shoulders were to confirm, it's actually not a head and shoulders at all. Until it is, we will not treat it as one.
Anyways though, I love my charts and if you do too, please like, comment, follow, share, etc.... Thanks and good luck!
I don't expect prices to close around the full head and shoulders target that I recently predicted and here's why. If you take a look at the chart, you can see how reactive the upward sloping trendline that I have drawn as been. I feel that line will be incredibly supportive but it doesn't mean that it can't be taken out.
Should we close below the neckline, that would be VERY bearish, not the ETH/USD is looking all that great at the moment anyways. But the target of this head and shoulders would put the price in the negatives... although I do expect pretty strong support around the $0 level :)
This is not a prediction, just to bring awareness of the monster lurking out there. Until this hypothetical head and shoulders were to confirm, it's actually not a head and shoulders at all. Until it is, we will not treat it as one.
Anyways though, I love my charts and if you do too, please like, comment, follow, share, etc.... Thanks and good luck!
