ETH/USD 4h Diamond Pattern
Idea
ETH/USD just completed a beautiful diamond pattern on the 4h chart. Considering the inclined slope of both the 20D SMMA and 20D EMA, the completion of the diamond pattern could mark a significant continuation higher.
Price Structure
Structure Start: 03 Jan '21 23:00 UTC @ 1167.15
Structure End: 16 Jan '21 07:00 UTC @ 1216.10
Structure Low: 11 Jan '21 11:00 UTC @ 907.75
Structure High: 10 Jan '21 03:00 UTC @ 1350.70
Conclusion
The difference between the high and the low of the diamond pattern was roughly $441. Adding this amount to the end price (the exit price of the pattern) gives an estimated future level of 1657.10. The 20D EMA has acted as wonderful support for ETH/USD throughout this most recent bull run so keep a close eye on it.
ETH/USD just completed a beautiful diamond pattern on the 4h chart. Considering the inclined slope of both the 20D SMMA and 20D EMA, the completion of the diamond pattern could mark a significant continuation higher.
Price Structure
Structure Start: 03 Jan '21 23:00 UTC @ 1167.15
Structure End: 16 Jan '21 07:00 UTC @ 1216.10
Structure Low: 11 Jan '21 11:00 UTC @ 907.75
Structure High: 10 Jan '21 03:00 UTC @ 1350.70
Conclusion
The difference between the high and the low of the diamond pattern was roughly $441. Adding this amount to the end price (the exit price of the pattern) gives an estimated future level of 1657.10. The 20D EMA has acted as wonderful support for ETH/USD throughout this most recent bull run so keep a close eye on it.
Trade closed: target reached
1657.10 target reached!
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