Hi there! This pattern is formed because of tug of war between the two great forces which move the price up and down, that is demand and supply.
In the above chart set up for ETHBTC, you can see how price fall to the lows establishing support. The horizontal support level holds the declines where the bounce off the support level leads to lower highs.
Eventually, price action must breakouts from the sloping trend line, which should happen very soon in my opinion. Also there is a chance for instant drop to 0.0305 (50EMA)
In the above chart set up for ETHBTC, you can see how price fall to the lows establishing support. The horizontal support level holds the declines where the bounce off the support level leads to lower highs.
Eventually, price action must breakouts from the sloping trend line, which should happen very soon in my opinion. Also there is a chance for instant drop to 0.0305 (50EMA)
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.