ETH/USD - NEW PATTERN CONFIRMED!
The symmetrical triangle pattern is holding. We've had to readjust it several times over the past week to maintain it's levels, however it hasn't made a break that would cause us to question the current range.
As I've stated above, range-bound assets are difficult to trade. Easy to scalp, difficult to trade if you're time frame is longer then a few hours.
Bullish and bearish momentum are battling much more aggressively here on ETH than on BTC, we can look at DMI to confirm that. They keep swapping positions to the dominant. Unfortunately, ADX keeps trailing lower and lower which confirms our lowered volatility. Low volatility is a good place on an asset to enter, however you have to take your bias into account either bullish or bearish. If you're correct in your assumption, then you got in at the best possible price. If you're wrong then price goes against you and it generally goes fairly quickly from low to high volatility.
Everyone's excitement is growing the longer the charts remain boring, as paradoxical as that may sound. As volatility decreases, experienced traders know what follows, which is often quite violent, ie. profitable.
Neutral chart, however it won't be that way for every long.
As I've stated above, range-bound assets are difficult to trade. Easy to scalp, difficult to trade if you're time frame is longer then a few hours.
Bullish and bearish momentum are battling much more aggressively here on ETH than on BTC, we can look at DMI to confirm that. They keep swapping positions to the dominant. Unfortunately, ADX keeps trailing lower and lower which confirms our lowered volatility. Low volatility is a good place on an asset to enter, however you have to take your bias into account either bullish or bearish. If you're correct in your assumption, then you got in at the best possible price. If you're wrong then price goes against you and it generally goes fairly quickly from low to high volatility.
Everyone's excitement is growing the longer the charts remain boring, as paradoxical as that may sound. As volatility decreases, experienced traders know what follows, which is often quite violent, ie. profitable.
Neutral chart, however it won't be that way for every long.
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