Traders, here is a chart for Ethereum with a possible scenario on the daily time frame where a head-shoulders pattern is developing along with a divergence on volume.
A key point is that volume in ETH but also BTC and many other coins has been declining for months while the price has been rising. A huge divergence in volume has formed.
A healthy rise is accompanied by rising volume.
We see that since the rise, volume has been declining while the price has been rising. Volume did increase only dramatically after the top.
This all points to too little buying interest at higher levels and thus a possible correction.
Currently a head and shoulders pattern has been formed with the longer term target of the 50% Fibonacci retracement level. This level is around 1500 USD.
Volume should follow as price rises. So here we have a huge divergence between rprice and volume.
A good correction would be healthy because many traders who missed the ralley can re-enter the market.
A key point is that volume in ETH but also BTC and many other coins has been declining for months while the price has been rising. A huge divergence in volume has formed.
A healthy rise is accompanied by rising volume.
We see that since the rise, volume has been declining while the price has been rising. Volume did increase only dramatically after the top.
This all points to too little buying interest at higher levels and thus a possible correction.
Currently a head and shoulders pattern has been formed with the longer term target of the 50% Fibonacci retracement level. This level is around 1500 USD.
Volume should follow as price rises. So here we have a huge divergence between rprice and volume.
A good correction would be healthy because many traders who missed the ralley can re-enter the market.
Nota
If we go higher then the old top this scenario is over. I doubt it will happen because BTC looking weak. The market is in need of a good health correction. That would bring fresh capital by investors who are now sitting on their hands.The only thing is that April and MAy are classical very good for BTC so we need wait and trade what you see only.
Dagangan aktif
The right shoulder is still lower than the head so this means that the pattern is still intact. BTC is also fallen out of the rising wedge and if BTC goes down fast the Alts follow unless the decline goes very slow.Nota
After a correction I see much higher prices for Ethereum but it is needed for more growth.Dagangan ditutup secara manual
The price is now just a little higher than the old top. If it stops here price formed a double top but I think it will go higher. Once again the manipulation of the markets is a fact. If you want to go long on ETH then wait for close of the bar and a pulback to the old top. This prevents the change to get trapped with false breakouts which we have seen so oftern latest time
Penafian
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.