SHORT TERM TEST OF NEAR SUPPORT
Even after implementing the hard fork, the price still looks to test the previous low support level.
On the 4hours time frame, the price of ETHUSD has been spotted forming a bearish pennant flag pattern.
Pennants are the workhorses of the day trader. They perform an invaluable service by marking the midway point in a move.
Price trend can be any direction leading to the chart pattern depending on the move( the bearish pattern price will move down leading to the pattern). The shape looks more like a short symmetrical triangle. Prices move between two converging trendlines.
The flagpole which leads to the pennant should be unusually steep and last several days.
Breakout downward 57% of the time.
THE BOLINGER BANDS
The bolinger bands is an indicator that is used to know when a move is about to happen in the market.
Still on the 4hours time frame, the bands were tight for 5days before this current move called THE BEARISH EXPANSION.
When the bands are tight and price is below the ML, it its more likely to move to the down side then the upside.
Price has broken out of the flag and has close, opportunity to buy and go short.
VERDICT:
BUY: $135.80 down to $134.41
SELL:$126.55 down to $115.31
STOP LOSS:$142.65
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
Even after implementing the hard fork, the price still looks to test the previous low support level.
On the 4hours time frame, the price of ETHUSD has been spotted forming a bearish pennant flag pattern.
Pennants are the workhorses of the day trader. They perform an invaluable service by marking the midway point in a move.
Price trend can be any direction leading to the chart pattern depending on the move( the bearish pattern price will move down leading to the pattern). The shape looks more like a short symmetrical triangle. Prices move between two converging trendlines.
The flagpole which leads to the pennant should be unusually steep and last several days.
Breakout downward 57% of the time.
THE BOLINGER BANDS
The bolinger bands is an indicator that is used to know when a move is about to happen in the market.
Still on the 4hours time frame, the bands were tight for 5days before this current move called THE BEARISH EXPANSION.
When the bands are tight and price is below the ML, it its more likely to move to the down side then the upside.
Price has broken out of the flag and has close, opportunity to buy and go short.
VERDICT:
BUY: $135.80 down to $134.41
SELL:$126.55 down to $115.31
STOP LOSS:$142.65
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
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.
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.