ETH ready setting up for a drop to previous low of $80
Hi everyone,
Lets get to it. ETH is forming a double top/head and shoulders pattern. The neckline/support area is in the $110-113 range. I believe it could drop from here to $100 which is a strong support area, bounce to $110, and finally drop to $80. Another scenario is that it will reach $140 to form a cleaner head and shoulders and then drop to $80 target. A break above $150 would change this bearish scenario to bullish.
A possible game plan is to short at a break of the $110 range and see how it reacts at the strong support area of $100. If it goes up from current price ($121) above $132 I will look to short at $140 range with a stop loss above $150.
Best of luck and manage your risk properly.
Lets get to it. ETH is forming a double top/head and shoulders pattern. The neckline/support area is in the $110-113 range. I believe it could drop from here to $100 which is a strong support area, bounce to $110, and finally drop to $80. Another scenario is that it will reach $140 to form a cleaner head and shoulders and then drop to $80 target. A break above $150 would change this bearish scenario to bullish.
A possible game plan is to short at a break of the $110 range and see how it reacts at the strong support area of $100. If it goes up from current price ($121) above $132 I will look to short at $140 range with a stop loss above $150.
Best of luck and manage your risk properly.
