In the 45mins time frame, after a major push down ETH is forming a pattern called complex HEADS & SHOULDERS.
A complex head-and-shoulders bottom is a chart pattern that looks like an inverted head-and-shoulders but with multiple heads, multiple shoulders, or sometimes both.
The break even failure rate is low and the performance is good from this chart pattern.
The gradual process of this formation was followed step by step. As you can see below:
starting of the RIGHT SHOULDER
Completed the right shoulder, pulled down back:
Price trend Downward leading to the pattern.
The shape looks like A head-and-shoulders bottom with multiple shoulders or multiple heads but rarely both.
The shoulders should bottom near the same price, be nearly the same distance from the head, and look similar to their mirror opposite(most cases).
The volume trend is Usually higher on the left side of the pattern. Trends downward 65% of the time. The Neckline Joins the highest armpits.
The pattern confirms as a valid one when price closes above a down-sloping trendline or above the right armpit when the neckline slopes upward. The pull back of the price after completing the right shoulder, brought the price to the 0.5fibonacci retracement level.
BUY: $688(only when it breaksout of the right shoulder and closes outside it)
SELL: $736( FIBONACCI EXTENSION)
STOP LOSS : $661
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.