ETHUSD Symmetrical Wedge Pattern For Possible Breakout Trade

Updated

This pattern can serve as a reversal pattern or continuation pattern and upon breakouts usually give high gains.

Watch out for fakeouts.

BTCUSD also has a Inverse H&S Pattern that could play out and could even turn into an ascending parallel channel upon break out if its bullish . Wait for confirmation candles.

So there are 3 possible patterns at play here.

Good luck!

Note

Wanted to share some ideas and thoughts on how to use smaller time frames to detect possible important patterns and signals that could give you an early advantage on what to do next. Also giving you an idea what your higher timeframes will look like if the move is sustained in the smaller timeframes. Even possible reversals and new pattern formations can be discovered early.

Note

Take note that it is advisable after and if the retest bounce above the top of the channel resistance turn support is successful, you might still want to wait out and check if BTC can reclaim the 200MA Weekly level at around 5500 which is very near this price action that is happening. This is also a critical Moving Average that BTC needs to regain for the weekly close candle later today.

The 5500 for BTCUSD would be around ETHUSD 130 as if you see the lower time frames both have similar rejection candles at their respective price points.

Good luck!

Note

Breakout happened. Just remember to keep create your stop loss in profit once you have a comfortable sum. Lots of uncertainty now. Take what is given and be safe. If it keeps going your way to next support, add into order in small portions if you can and immediately keep raising the stop loss in profit so you have a guaranteed sum no matter what happens. There will also be a CME bloody Gap if price goes above 5935 (cme high price on Friday daily candle close) and or lower than 4120 (cme candle lowest price on that same daily Friday candle.

So its risky to be holding trades not knowing if the CME Gaps will move the price to cover those gaps which might trap you underwater again if you are not careful.

Good luck and have a great week! Cheers!

mdyassink

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