ETHUSD Ascending Triangle Breakout On 4hr
Updated
Price has broken above the 200 Moving Average, target for the triangle breakout is around $198 as shown by the golden line. Position taken @ $186.09, stop loss $180 (due to weekly turning bullish) rather than $183. Will move stop loss up to $183 if price gets instantly rejected by $191 area of resistance. Target is $199 (2.11 ratio). Note that the 50 Day MA is at $194.75 and the 200 Day MA is at $204, so not getting carried away with this trade.
Trade active
Stop loss moved up to the bottom of the broken resistance level (hopefully new support) at $181.49. Price is struggling to break $191 (as anticipated).Trade active
Stop loss moved up to $185.99 break even. Price looks like its double topping at $191 on the 4hr chart, td sequential is turning red so expecting a 1-4 candle correction before higher levels. Price looks like it wants to re-test support area around $183-$186, with the 200 MA currently at $183.06. I'll reconsider entering the positions if this resistance level turns to support the price.Trade closed: target reached
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