【$ETH Suspected head and shoulders top sell signal! May deeply retrace to 2130!!】
What is a head and shoulders top, I won't elaborate. Its power is immense.
You can enter at the right shoulder retracement!!
Wait for the breakout to enter; high win rate.
ETH 4-hour analysis 25.05.16
Current price 2605 @williamyuan
Current trend: Bullish, retracement phase
Market analysis:
High-level consolidation facing deep retracement
Technical analysis:
Suspected head and shoulders top formation.
Characteristics of this pattern:
Trend reversal, topping signal. Will face downward retracement and further drop.
Important support and key signals:
Key support:
Trend support 2530
Currently in the third wave of an upward trend, with considerable retracement space.
Market projection:
Facing the establishment of the head and shoulders top, thus there is deep retracement space.
Typical trend reversal.
Important time nodes:
5.18 An important direction change will occur,
needs to be closely monitored!
Operational suggestions:
Important support and key signals:
Key support:
Trend support 2530
Bullish strategy: Break above 2640, then chase the long
ENT: 2640
tp1: 2818
TP2: 2888
Bearish strategy:
Break below 2530 to confirm the bearish signal for retracement entry
ENT: 2535
TP1: 2430
TP2: 2300
SL: 2655
If the head and shoulders top is established, it may face a deep retracement to the demand zone at 2135.
