ETH - Potential Cup & Handle Forming
Hope you enjoy my analysis.
I believe we are seeing a multi-week cup & handle forming on the weekly chart.
There's a chance for more downside (forming on the handle, to complete the continuation pattern), before moving upwards towards 1400 (previous All time High and resistance area).
Next area of interest would be ~1700$
"As a stock forming this pattern tests old highs, it is likely to incur selling pressure from investors who previously bought at those levels; selling pressure is likely to make price consolidate with a tendency toward a downtrend trend for a period of four days to four weeks, before advancing higher. A cup and handle is considered a bullish continuation pattern and is used to identify buying opportunities."
I believe we are seeing a multi-week cup & handle forming on the weekly chart.
There's a chance for more downside (forming on the handle, to complete the continuation pattern), before moving upwards towards 1400 (previous All time High and resistance area).
Next area of interest would be ~1700$
"As a stock forming this pattern tests old highs, it is likely to incur selling pressure from investors who previously bought at those levels; selling pressure is likely to make price consolidate with a tendency toward a downtrend trend for a period of four days to four weeks, before advancing higher. A cup and handle is considered a bullish continuation pattern and is used to identify buying opportunities."
*Not Financial Advice*
*Only Risk What You Can Afford To Lose*
*Just Ideas, Not Investment Advice*
*Trade At Your Own Risk*
*Only Risk What You Can Afford To Lose*
*Just Ideas, Not Investment Advice*
*Trade At Your Own Risk*
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