You see here the chart of Bitcoin in 30 minutes timeframe for a better detail.
The price in the main head and shoulder formation in orange has been quite lower as expected. Also the neckline is perfectly re-tested but a decline remains out for now.
In Ethereum about the same situation but we now see a few notable things in the charts.
1. Bitcoin has also formed a bullflag.
2. The price that does not want to go lower as of yet is showing strength. We are also seeing this in the volumes.
3. We now also see a reversed head shoulder formation in the Bullflag.
4. The upside targets for both the Bullflag and the reversed head shoulder formation are both pointing towards USD +40.000 USD as a first target! IF that target is reached higher ones will follow.
5. In my previous analysis of Bitcoin which you can see below, the target of that inverted HS formation is 40 .822 USD and that is still perfectly valid. It is a first target because if Bitcoin will see that level if will rise more. That will be validated with new structures of course. Trade what you see and nothing more untill it gets clear in my opinion.
Of course, this scenario will ONLY be validated if there is a breakout from the bullflag with good . As in my earlier analysis of Bitcoin , it all points to higher prices.
I am creating another separate chart for the full purpose of the Bullflag. Note carefully that everything is valid only after an upward breakout.
Traders, please your comments so we can look at this situation from all sides!
Disclaimer Traders this is my view no advice to buy or sell. Also always do your own research!
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