ETHUSD under 50W MA, death cross incoming, crash to $250

ETH still hasn't reached its H&S target. Interestingly, we see that it has taken three stairs down, each about $180 then repeated bear flags.

At the moment, it's just having a small bounce as my previous post suggested (red arrows):

We're now soundly below 50-week SMA. 200D-50D death cross will happen soon as well. It was a bit oversold, & whales used Easter to pump bitcoin, which has reignited some people's hope. However, we see:

• Thick red resistance line $430
  
• 50W MA $450
  

Probably new crash will come. Target is $250 (from 430, or 270 from 450).

ความคิดเห็น:

correction, 4 stairs down from the right shoulder, each around $180. didn't notice the first one

ความคิดเห็น:

I didn't get greedy & opened when I posted this one. Seems like that was about as high as it wanted to go.

the 50W MA & red trend line are resistances. It doesn't mean they'll be hit. Looks like they weren't (but close).

ความคิดเห็น:

Looks like it may trade sideways for a day before crashing (to alleviate the oversold condition):

Weak shorts will probably close; this results in sideways movement. Once the weak shorts are closed, the lack of real demand will lead to another crash right at the resistance.