ETHUSD Analysis 17/01/2022 1hr
Update:
not looking good just thought I'd update because I've spotted an M pattern or double top on the 1/4hr chart, target is at the green vertical line (2979). this isn't great, a short could be lovely here looking for a retest of the line so seeing this initial move down is the beginning and then we should see a bearish retest of the green neckline.
looking at the bigger I actually see this move as a huge reversal move. so I have highlighted the possible move here, a smaller M pattern to actually form a huge W pattern on the daily chart, so right now is the bad part but trying to be positive here, the potential move at the end of this could be the move that finally puts us back on the bullish side.
lets see how this plays out if we see much further downside then its not going to be good and ideally we want to form a higher low to make a really bullish W patter. so catch the liquidity down there and big bounce upwards, ill update the target once it happens but lets see how it goes time will tell!
not looking good just thought I'd update because I've spotted an M pattern or double top on the 1/4hr chart, target is at the green vertical line (2979). this isn't great, a short could be lovely here looking for a retest of the line so seeing this initial move down is the beginning and then we should see a bearish retest of the green neckline.
looking at the bigger I actually see this move as a huge reversal move. so I have highlighted the possible move here, a smaller M pattern to actually form a huge W pattern on the daily chart, so right now is the bad part but trying to be positive here, the potential move at the end of this could be the move that finally puts us back on the bullish side.
lets see how this plays out if we see much further downside then its not going to be good and ideally we want to form a higher low to make a really bullish W patter. so catch the liquidity down there and big bounce upwards, ill update the target once it happens but lets see how it goes time will tell!
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