Hey guys,
So I thought I'd give an update on ETH's potential H&S on my last update as per below.
So the original H&S pattern that I was thinking was the purple dashed line (up to $950 area then drops to the $600 area and then back up again to form that right shoulder). But it has temporarily stopped at around $830 area and dropped to as low as the $650 area.
And as mentioned in another post that maybe the top of the right head has already formed at $830 so it may very well fall to the $550 area (this is based on a 30% drop on $950 area...i.e. 30% drop from $830. Also this is to mimic the left shoulder price range). So if the left shoulder has peak and is now forming the left shoulder then maybe it could follow the alternative darker purple dashed line.
However, as you may have noticed I've drawn two black lines to form a descending wedge. Could ETH be trading within that wedge and to break out on the upside?
I personally would say that if it did break up...then it could still be forming that peak of the right shoulder (i.e. $950 area) and then fall to the $600 area. But if it broke down on the wedge then like I said the peak of the right shoulder will have been formed ($830 area) and would be heading for the $550 area.
Either way it's OK for me since if it rises then i may sell some of my ETHs and then wait for the dip. But if its dipping now then I may add more and sell later.
Anyway hope you've enjoyed this and as per usual this IS NOT trading advice. Please do your own research as I'm just sharing my own opinion and I'm no expert in this but I hope to give some ideas and to send out the message that its best to be a bit more cautious, e.g. never jump straight in and don't trade everything if you're unsure. It is also never wise to trade what you can't afford to lose.
Thanks
