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ETH - Double Top forming
I hate to be bearish during such an incredible rally, but I do want to point out some potential warning signs in ETH's chart to be aware of.
The first problem is even when BTC made a new micro high above 30k - Eth failed to get above its last high creating a sort of double top formation.
The second sign that is worrisome is our black trendline has still be maintaining sell pressure upon it.
The third sign is the candle closes on the daily. Both candles that made highs are closing at the exact same level showing how key it is.
The fourth sign would be decreasing volume usually signaling the rally does not have enough fuel to last before a pullback.
The final sign would be our daily RSI and how the strength keeps dwindling at the exact same level.
The first problem is even when BTC made a new micro high above 30k - Eth failed to get above its last high creating a sort of double top formation.
The second sign that is worrisome is our black trendline has still be maintaining sell pressure upon it.
The third sign is the candle closes on the daily. Both candles that made highs are closing at the exact same level showing how key it is.
The fourth sign would be decreasing volume usually signaling the rally does not have enough fuel to last before a pullback.
The final sign would be our daily RSI and how the strength keeps dwindling at the exact same level.
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