EthereumShort
Double Top for ETHUSD?
Yesterday, I mentioned that another attempt at breaking the $340-$345 resistance zone was underway. That wave of push was rejected. Today, a third attempt was again rejected.
Each time, the highs are lower but the lows are somewhat higher. This forms the rising wedge pattern we identified yesterday. Usually, if a resistance is not broken after three attempts, the bulls will have been exhausted. From the MFI as well as the volume, we can confirm this. In the short-term, therefore, it is quite possible that ETHUSD will seek consolidation at a lower price range, perhaps around $300.
Looking at the longer time period, this potential drop may also lead to a "double top" (the other one being the September top. The neckline is around $280.
Each time, the highs are lower but the lows are somewhat higher. This forms the rising wedge pattern we identified yesterday. Usually, if a resistance is not broken after three attempts, the bulls will have been exhausted. From the MFI as well as the volume, we can confirm this. In the short-term, therefore, it is quite possible that ETHUSD will seek consolidation at a lower price range, perhaps around $300.
Looking at the longer time period, this potential drop may also lead to a "double top" (the other one being the September top. The neckline is around $280.
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.