TL:DR - bearish descending triangle confirmed, watch for retest of $650 and subsequent failure with price objective tentatively $525.
This is the Eth:USD chart with 4h candles. The Descending Triangle is now confirmed, unfortunately. 80% of my holdings are HODLings so 80% of my portfolio is down big in the last 24 hours so I suffer with the rest of you. Confirmation came with a break of the horizontal trend line followed by accelerated selling on high volume. Again, the price target is around $525.
As I discussed earlier, these patterns often retest old supports so watch for a brief push toward $650 followed by another sell off, this time reaching the target of $525. We are currently at the level where this retest could happen. Day traders can attempt this trade but know that this retest does not *have* to happen (especially in crypto).
I will look for buy and reversal signals as we approach $530 in the next 1-2 days. We could fall further but I currently think this is unlikely. If you want to know why read my BTC analysis here
***This is not investing advice. I am not an investing professional. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
This is the Eth:USD chart with 4h candles. The Descending Triangle is now confirmed, unfortunately. 80% of my holdings are HODLings so 80% of my portfolio is down big in the last 24 hours so I suffer with the rest of you. Confirmation came with a break of the horizontal trend line followed by accelerated selling on high volume. Again, the price target is around $525.
As I discussed earlier, these patterns often retest old supports so watch for a brief push toward $650 followed by another sell off, this time reaching the target of $525. We are currently at the level where this retest could happen. Day traders can attempt this trade but know that this retest does not *have* to happen (especially in crypto).
I will look for buy and reversal signals as we approach $530 in the next 1-2 days. We could fall further but I currently think this is unlikely. If you want to know why read my BTC analysis here
***This is not investing advice. I am not an investing professional. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
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