ETHUSD has completed a 100% retrace from January 1. I see 3 scenarios going forward.
- Resume the uptrend: The white arrows each show a different resume of the uptrend, confirming the pair is still in the upward channel.
- Begin a downtrend: The Red arrows show a bounce off the 100% retrace/neck of the head and shoulders and could signal a downtrend. I very much doubt this will happen, as the MAs rise to meet the spotpoint.
- Copy the explosion from November 15 - January 15. The red-to-green arrows show a brief downward look to the rising MAs, and then another explosion in similar fashion to November-January. The downward motion could be caused by the technical requirement to reach the 200D MA (as BTC -2.98% and LTC have). This is my highest count.