Brace yourself for another ETH move to the downside
Theory: Eth about to move towards testing the bottom support line of the big ascending wedge. Also, the size and frequency of the moves tells me we have 2 completed IH&S patterns in this wedge, and we are about 20% of the way through the 3rd one. (see vertical cyclical line tool)
1.) History repeating itself on Stoch RSI at this level?
2.) Impulse oscillator at a high, and is already gone red.
3.) H&S forming on RSI, just following hidden bearish divergence
4.) Shorts near local ATL; Longs near local ATH (lack of sellers above)
5.) Low volume (still)
It is possible to have a fake-out here, then continue downward to $120-$122 level, where we find strong support and the 50 and 100 MAs. With no new capital entering the market, I'm afraid its going to be more of the same here for a while. Trade the ranges smartly.
1.) History repeating itself on Stoch RSI at this level?
2.) Impulse oscillator at a high, and is already gone red.
3.) H&S forming on RSI, just following hidden bearish divergence
4.) Shorts near local ATL; Longs near local ATH (lack of sellers above)
5.) Low volume (still)
It is possible to have a fake-out here, then continue downward to $120-$122 level, where we find strong support and the 50 and 100 MAs. With no new capital entering the market, I'm afraid its going to be more of the same here for a while. Trade the ranges smartly.
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