Busted...!
Updated
After rallying to ~270.00, it seems that the excitement is evaporating for ETHUSD . Since then, the price has formed a Symmetrical Triangle pattern . I personally tough this is a consolidation for the next jump to the blue sky territory. Nevertheless, even though this pattern did breakout from the top, but soon later, the price pushed back to the boundaries of the pattern. This behavior marks this formation as a busted one and as the phrase goes, "Trade the busted one in the opposite direction." In addition to that, bearish momentum is still present in the longer time frames. And for the shorter ones, the bullish momentum is decreasing; there is a MACD histogram divergence on the hourly chart. For now, my short position follows:
Entry Point: 256.71 Average
Stop Loss: 265.00
Profit Target: 249.00
Stay tuned...!
Entry Point: 256.71 Average
Stop Loss: 265.00
Profit Target: 249.00
Stay tuned...!
Note
Entry: 256.71 Average Exit: 248.09
Result: +3.475% of the Position
Trade closed: target reached
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.