EthereumShort
ETHUSD
Eight days of price consolidating with out making a move to the upside. This consolidation which lasted for eight days formed a chart pattern called THE DESCENDING TRIANGLE CHART PATTERN.
This chart pattern has been spotted on 4hours time frame on both pairs(ETHH19 & ETHUSD)
Price trend can be any direction leading to the pattern.
In a descending triangle, the support line runs parallel while the resistance line falls from the left to the right side.
Price should touch each trendline at least twice as distinct peaks or valleys.
This is important:
Price must cross the pattern from trendline to trendline, nearly filling the available space.
Volume recedes 83% of the time and gets quite low just before the breakout.
Breakout can be in any direction but is downward 64% of the time.
The pattern confirms as a valid one when price closes outside one of the trendlines.
VERDICT:
SELL/SHORT:$113.06
BUY: $109.12 down to $103.01
STOP LOSS: $116.34
ALWAYS WAIT FOR BREAKOUT, BEFORE TAKING A POSITION.
Remember TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty)
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.
This chart pattern has been spotted on 4hours time frame on both pairs(ETHH19 & ETHUSD)
Price trend can be any direction leading to the pattern.
In a descending triangle, the support line runs parallel while the resistance line falls from the left to the right side.
Price should touch each trendline at least twice as distinct peaks or valleys.
This is important:
Price must cross the pattern from trendline to trendline, nearly filling the available space.
Volume recedes 83% of the time and gets quite low just before the breakout.
Breakout can be in any direction but is downward 64% of the time.
The pattern confirms as a valid one when price closes outside one of the trendlines.
VERDICT:
SELL/SHORT:$113.06
BUY: $109.12 down to $103.01
STOP LOSS: $116.34
ALWAYS WAIT FOR BREAKOUT, BEFORE TAKING A POSITION.
Remember TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty)
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.
Disclaimer
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