Market Cap:
$0.00
24h Vol:
$0.00
BTC:
$0.00
ETH:
$0.00
COV:
$0.00

ETHUSD

PAIR: ETHUSD

TECHNICAL ANALYSIS:

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.
Price trend Downward leading to the pattern. A head-and-shoulders bottom with multiple shoulders or multiple heads but rarely both.
Symmetry The shoulders should bottom near the same price, be nearly the same distance from the head, and look similar to their mirror opposite.
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.

Not really certain with the break down of the price to that level, but the ichimoku cloud suggests that price will likely drop down to test the kijun(red flat line) before continuing. as shown below:

 

And lastlt the bullish pennant flag pattern on the 4hours time frame.

It is crystal clear the way flag patterns works, they are always perfect with their breakout and targets. Volume has also reduced greatly.

VERDICT:

buy : place a stop limit order at 543usd - 532usd (which is the breakout area of the flag and will confirm its move)

sell: 587usd, 620usd and 700usd

stop loss : 429usd

 

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.

$COV HODL