Ooof! That's a textbook hanging man right there! Now what that means is that there is a candle, doesn't matter the color, with a very short wick, a very thin body, and a very long shadow. Now that is the chart pattern which is a weak signal if alone, but the signal for bearish sentiment gets stronger if the pattern is on above average volume, check. And the signal gets stronger if the very next candle is bearish, meaning red. Check.
It adds up to me a 70% chance or better of a trend reversal. Since its in the 2H, I'm thinking by the end of the week we will significant bearish sentiment in crypto and specifically ETHUSD. Who knows it could keep bullish trend and be that 30% chance of trend reversal fail. It's shaping up to be an interesting week.
Not advice, not recommendation, just my opinions. Thanks for reading!
It adds up to me a 70% chance or better of a trend reversal. Since its in the 2H, I'm thinking by the end of the week we will significant bearish sentiment in crypto and specifically ETHUSD. Who knows it could keep bullish trend and be that 30% chance of trend reversal fail. It's shaping up to be an interesting week.
Not advice, not recommendation, just my opinions. Thanks for reading!
