ETH H&S or Parabolic shape
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On the left it looks like the breakout from that bull flag has failed, but the movements have been quite small so not very meaningful yet. As i updated in my Bitcoin analysis yesterday, there was a potential H&S in the making on the lower time frame. I have added a parabolic shape as well, showing the higher lows, when staying intact would mean the H&S won't complete and could even turn into a small bear trap.
So, when touching the 236ish, good chance we drop even more. If we stay above 237.5/238 today, we could continue to crawl up. Now the chart on the right:
Even if the small H&S would play out, doesn't mean we get a big drop. I do think there is a chance we might get an answer, to whether this bull flag on the left is a real bull flag, or still just a retest of the broken uptrend from past months. I think, that if the H&S plays out, but we stay above the 230ish, we could still turn up, so holding that green zone on left. But if it breaks, the 210/220 has to hold, otherwise there is serious danger for a big drop to around 180.
So short term, think 236 as support and 242 as resistance. Above those think 210 and 250ish for the higher time frame.
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Previous analysis:
So, when touching the 236ish, good chance we drop even more. If we stay above 237.5/238 today, we could continue to crawl up. Now the chart on the right:
Even if the small H&S would play out, doesn't mean we get a big drop. I do think there is a chance we might get an answer, to whether this bull flag on the left is a real bull flag, or still just a retest of the broken uptrend from past months. I think, that if the H&S plays out, but we stay above the 230ish, we could still turn up, so holding that green zone on left. But if it breaks, the 210/220 has to hold, otherwise there is serious danger for a big drop to around 180.
So short term, think 236 as support and 242 as resistance. Above those think 210 and 250ish for the higher time frame.
Don't forget to like if you appreciate :)
Previous analysis:
Note
Can see the curved shape is till holding so far, following the blue line steps so far. 242ish is still a big resistance on the low time frame, if it would break, depending on how strong/big the move up is, we might judge if we resume the uptrend or still in a consolidation. The whole are above 246 up to like 252, is one big resistance zone. If we would see a real bull trend, we would need to see a break of that zone with high volume and a big rally up to like 270 to start with. Anything less, could once again make it tricky.
Levels on the downside are still the same, where of course the curved shape changes with time. At the moment its around 239.
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