ETHUSD Analysis 8/1/2022 1hr
Update from previous idea:
we have seen a continued drop I have switched charts again because there is several things I want to bring to light.
I think we are in the middle of a large reversal pattern so I have highlighted in the grey line a possible W pattern that could form on the larger timeframes. or possibly and probably more likely an inverse head and shoulders it would need to hit the second shoulder asap before we invalidate this pattern.
I have also drawn a penant that we are forming, usually these break to the downside I don't think it has a bias necessarily but more often it is to the downside, which would be ideal in forming a reversal pattern so don't be scared if we see downwards momentum. if anything I would be building a nice long at these points.
anything below the 0.236 is a good entry again stagger the buys down to the previous low, because with this move we are looking for bullish market structure, higher lows/ reversal pattern/ volume bounce around this level. if we break the previous low it invalidates the move so SL just below the previous low!
we have seen a continued drop I have switched charts again because there is several things I want to bring to light.
I think we are in the middle of a large reversal pattern so I have highlighted in the grey line a possible W pattern that could form on the larger timeframes. or possibly and probably more likely an inverse head and shoulders it would need to hit the second shoulder asap before we invalidate this pattern.
I have also drawn a penant that we are forming, usually these break to the downside I don't think it has a bias necessarily but more often it is to the downside, which would be ideal in forming a reversal pattern so don't be scared if we see downwards momentum. if anything I would be building a nice long at these points.
anything below the 0.236 is a good entry again stagger the buys down to the previous low, because with this move we are looking for bullish market structure, higher lows/ reversal pattern/ volume bounce around this level. if we break the previous low it invalidates the move so SL just below the previous low!
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