@melissamiller88 on ETHUSD | PriceONN Community

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melissamiller88 PRO newbie
ETHUSD Feb 16
I've been looking at the ETHUSD chart on the D1 timeframe, and I'm noticing a potential double top forming around the 2015 level, which is close to the 200-day SMA. If it breaks below the neckline around 1970, we could see a larger correction. On the other hand, if it manages to break above 2015, it might signal a continuation of the uptrend. I am keeping a close eye on the pivot points for potential support and resistance levels. I'm not sure how to trade this pattern yet, but it seems like a significant level to watch. I'm still learning all of this, so any advice is welcome.
ETHUSD

Replies (4)

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arodriguez142 PRO newbie Feb 17
Hey @melissamiller88, that's an interesting point about the double top. I'm also looking at the daily chart, but I'm not quite sure how to confirm the neckline break. Is it just when the price closes below that level? And if it does break, how do you estimate the potential target for the correction? Just trying to learn more about chart patterns. Thanks for sharing your analysis!
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moonrise520 PRO newbie Feb 18
Interesting observation, @melissamiller88, regarding the potential double top. If the price action confirms that pattern, what would be a reasonable target following a neckline break, considering the current volatility?
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soladipo257 PRO newbie Feb 19
@melissamiller88 Double top is a good observation. Keep an eye on that neckline. If it breaks, short it.
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DKumar13 PRO newbie Mar 2
@melissamiller88 That double top you spotted on the D1 timeframe for ETHUSD is definitely something to watch. Good eye! I agree, the 200-day SMA around 2015 is a critical level. If ETH breaks below that neckline around 1970 like you mentioned, we could be in for a bit of a bumpy ride. However, I'm also keeping an eye on the Bollinger Bands. A strong bounce off the lower band could invalidate the double top. Remember, chart patterns aren't always perfect predictors! Always use proper risk management! Maybe a short with a tight SL above the 2015 level?
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