Around a week ago I made an analysis on ETH. Here I discussed the potential reversal from the long-term bullish channel.
The above analysis was a success. However, with BTC showing some bearish signs over the last week, ETH has broken out bearish from the above mentioned channel.
Currently, a clear triangle / pennant pattern is forming on the chart. I'm not sure about which direction the pattern will break out yet, this will become clearer over the coming days. Although it's highly likely that ETH will follow this pattern for the coming few days.
Furthermore, there's a high probability that the break out of this pattern will cause some strong volatility, either bearish or bullish.
Happy trading!
The above analysis was a success. However, with BTC showing some bearish signs over the last week, ETH has broken out bearish from the above mentioned channel.
Currently, a clear triangle / pennant pattern is forming on the chart. I'm not sure about which direction the pattern will break out yet, this will become clearer over the coming days. Although it's highly likely that ETH will follow this pattern for the coming few days.
Furthermore, there's a high probability that the break out of this pattern will cause some strong volatility, either bearish or bullish.
Happy trading!
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