ETHUSD We are approaching to the end of Handle!/Trading Strategy
BYBIT:ETHUSD
Left: 1H trend chart Right: 1D trend chart
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1. Cup and Handle pattern
We have been talking about a strong bullish pattern is forming for ETH since 2020 Dec.
Currently, we're at the phase of building handle. Also, price is very close to previous high($3679.9) on 10/8,
But it eventually didn't hit it, and then get a correction after touching $3675
An appropriate correction is better for bullish pattern formation.
Obviously, a downtrend line occurred during this correction, and it has been broken out before.
However, price got pullback presently and left a tail after breaking down this downtrend line.
Now, price has rallied back to the trend line, which is a bullish signal.
Therefore, I provide 2 kinds of open timing for conservative and aggressive traders, respectively.
-
2. Timing
Conservative traders
Just wait for the break-out of $3679.9 and confirm the price stands firm on it or not.
Aggressive traders:
Anytime you notice that price hit downtrend line and then rally rapidly.
or
If we encounter a strong pullback, you can open position around $3200, which is a corresponding and symmetric low of handle pattern.
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3. Trading Strategy
Profit targets:
a) 4035.5----Fib(1)
b) 4666.45~4921.65----Fib(1.272~1.382)
c) 6355.25----Fib(2)
Anyway, never forget to control your risk
-
Let's see where ETH can bring us to!
-
If you like this analysis, give it a like and leave a comment below to share your perspective
or let me know what crypto you want to see!
Trading is a reflection of yourself. Learn more daily and be ready for every opportunity.
Have a nice trading!
Left: 1H trend chart Right: 1D trend chart
-
1. Cup and Handle pattern
We have been talking about a strong bullish pattern is forming for ETH since 2020 Dec.
Currently, we're at the phase of building handle. Also, price is very close to previous high($3679.9) on 10/8,
But it eventually didn't hit it, and then get a correction after touching $3675
An appropriate correction is better for bullish pattern formation.
Obviously, a downtrend line occurred during this correction, and it has been broken out before.
However, price got pullback presently and left a tail after breaking down this downtrend line.
Now, price has rallied back to the trend line, which is a bullish signal.
Therefore, I provide 2 kinds of open timing for conservative and aggressive traders, respectively.
-
2. Timing
Conservative traders
Just wait for the break-out of $3679.9 and confirm the price stands firm on it or not.
Aggressive traders:
Anytime you notice that price hit downtrend line and then rally rapidly.
or
If we encounter a strong pullback, you can open position around $3200, which is a corresponding and symmetric low of handle pattern.
-
3. Trading Strategy
Profit targets:
a) 4035.5----Fib(1)
b) 4666.45~4921.65----Fib(1.272~1.382)
c) 6355.25----Fib(2)
Anyway, never forget to control your risk
-
Let's see where ETH can bring us to!
-
If you like this analysis, give it a like and leave a comment below to share your perspective
or let me know what crypto you want to see!
Trading is a reflection of yourself. Learn more daily and be ready for every opportunity.
Have a nice trading!
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🌕Discussion group: t.me/rextalkcrypto
✨Bybit sign up: bybit.com/register?affiliate_id=12787&group_id=36093&group_type=1
💡Sign up through link
→Join Teaching Group for free!(PM me)
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