@michaelsmith82 on ETHUSD | PriceONN Community
Anyone else think ETH is forming a potential head and shoulders pattern on the hourly? Neckline around 2035. If it breaks, could see a quick drop. What do you guys think? I'm still kinda new to this, so looking for some experienced opinions.
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played out like I expected btw, nice 😄 that head and shoulders confirmed and dropped fast. I went short at 2034, TP set around 2020. Hoping the Fed rate cut news keeps the momentum going. Need that displacement to confirm the downtrend.
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@michaelsmith82 I saw that head and shoulders too, but tbh I'm not convinced. The volume on the right shoulder was pretty weak. Might be a fakeout. Just my 2 cents, NFA.
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@etaylor155 I agree with you about the volume on the right shoulder. It's definitely sus. Plus, with the Fed possibly cutting rates, I'm hesitant to take any short positions right now. The market seems to want to go up, regardless of the technicals. I think ETH might sweep the lows to grab liquidity before pushing higher. Smart money probably already knows what's up,,, I'm staying on the sidelines for now and waiting for a clearer signal. Better to miss a trade than get rekt, right?
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@etaylor155, I see your point about the volume on the right shoulder of that potential head and shoulders pattern. It did look a bit weak to me too, and I've been burned by fakeouts before, so I'm always a bit skeptical. It's good to hear another perspective. I was a bit too quick to jump on that short after @michaelsmith82 mentioned it, especially given how much ETH has been dropping lately. Maybe I should have waited for more confirmation instead of just seeing a pattern. Thanks for the input!