ETHEREUM: ETH Update Head and Shoulder Pattern Final Stages
Updating from my previous ETH post, it has come down to the first support area so I decided to take a 30% position at this level at just under 600. If it falls to the next perceived support area just under 500, I'll add another 30% to my position.
It is currently finding some support at the 200 day moving average but not really bouncing off it either so it can easily make another bearish hammer candle with a bottom wick touching the second support area due to it's volatile price actions. A catalyst is what we need for it to travel in the channel between the two purple trend lines. If it touches the upper channel, we can expect to see ETH price back in the 1000 area.
The previous 10 daily candles are showing a downtrend but the CCI indicator is showing an upward movement. If it does find resistance at the -100 CCI level, I expect ETH to fall to the 500 price area. If it does break the -100 and 0 CCI to the upside, we can hope that the 0 CCI level can now act as support pushing ETH price towards the first resistance at the 20 and 50 day moving average, possibly pushing price towards 800 .
On a positive note the candles have been riding the lower Bollinger Band for about a week and a half so a move away from the lower band wouldn't be abnormal. If price does move towards the upper Bollinger Band area, I expect it to break the upper band at least for a few candles maybe towards the 1100 price.
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DISCLAIMER: All statements and expressions are opinions, and not meant as investment advice. Information provided in this post is not personal investment advice and should be used as informative or entertainment purposes only. Seek guidance from a professional investment advisor or due your own due diligence before trading or investing.
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