ETHUSD : key insights

Hi guys,
Here I give you some key insights on the four-hour chart for ETHUSD.

• ABCDE Elliot wave symmetrical triangle potential, if it would form, then we have a potential to rise to $800, but the highest support we could test is located at the 6th Fibonacci Up support (grey line) [$745];
  
• H&S is due to be formed, if it doesn't fail, we could exit the symmetrical triangle and test the middle Fibonacci support (red line) [$612];
  

After being in a bullish market, we are now in an undecisive phase and the next breakout would indicate the direction of the market for few weeks.

Thanks for reading,
Have a nice week

Komentar:

H&S pattern rejected.

On the hpur-chart, we would test $667 Fibonacci middle support. If it breaks the target is $678 to retest the uptrend support.

That would be confirm if the Adam&Eve double bottom completes.

Komentar:

We have not broken the uptrend support yet, but the A&E double bottom confirmed, we should recover $690 soon.