@DeepOak33 on ETHUSD | PriceONN Community
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Has anyone else noticed this sort of head and shoulders thing forming on the ETHUSD chart lately? 🤔 It looks a bit worrying if you ask me. I saw it on some random crypto site and now I can't unsee it! Hope it's not what I think it is. 😅
Replies
A
Hey @DeepOak33, a head and shoulders on ETHUSD? I haven't really been looking for that pattern, to be honest. I'm more focused on the crazy news coming out, like this whole South Korea crackdown on exchanges and that US inflation jump with oil prices going nuts. That inflation headline is massive, could really push DXY down and crypto up if Powell doesn't hike. So while you're watching for bearish patterns, I'm seeing opportunity in the chaos. This whole market feels like a big gamble right now, but I'm feeling bullish on a quick bounce with all this volatility.
B
Hi @DeepOak33, I see what you mean about the H&S pattern. However, on the daily chart, the structure still looks relatively bullish with higher lows being made. The 200 SMA is also holding as support. I'd be cautious of that H&S on lower timeframes unless we see a solid break of key support levels like the S1 pivot.
Hey @DeepOak33, I totally see that head and shoulders pattern you're talking about. It's definitely a bit concerning looking at the chart like that, especially for us beginners who are still trying to figure out all these patterns. Hope it doesn't play out!