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ETH | Inverse "Head and Shoulders" makes the dream work.

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@deniskj
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Hi!

It is me again. Your favorite* spot trader here with another technical analysis chart that is not $RUNE.

What can I say?

$RUNE has been performing exceptionally well and it has more or less obeyed support zones that I used to set my trades.

Check out my previous chart RUNE | Bulls keep accumulating under $4. and see just how well we predicted 6-dollar $RUNE.

Buy ETH...??


Now, let's jump over to Ethereum which has been doing some interesting things under the radar.

Before we get into the analysis I have to add that I am not the biggest fan of trading on the lower timeframes because sometimes it is a hit or miss. However, on the higher timeframes such as the daily, one tends to be more accurate but trades are ordinarily fewer.

So, it is a trade-off. More risk and more trades on the lower timeframes or less risk and fewer trades on the higher timeframes. Choose your poison.

Today, we are looking at ETH/USDT on the 4HR chart and we can see a very lovely inverse head and shoulders forming.

Price is holding nicely above $1470 creating a support zone. This gives us a nice entry looking for at least $1600 into the next week.

Wen LTC...??


Interestingly, we see a similar pattern happening on LTC where the price is holding within the general support zone around $160 - $175 but it is difficult concluding what would be the best entry for a buy.

Despite LTC being around for the longest time, I have never quite bothered to research the project and understand what solution it offers that would drive demand for the coin hence my reluctance to commit to a buy at these prices.

There is nothing worse than being left holding the bag and waiting years to get back to break-even. Ask the guys who bought BTC at $20,000.

If someone could offer me some info on why I should be less nervous about Litecoin I would appreciate that very much.

In the meantime, buy this with a bit of skepticism or be a daredevil and just pull the bloody trigger. ๐Ÿ˜Ž๐Ÿ˜Ž

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