ETHEREUM Triangle aiming at the critical 1D MA200 test
Ethereum (ETHUSD) has been trading within a Triangle pattern since the June 18 2022 market bottom. It is above the 1D MA50 (blue trend-line), where it had the last rejection on December 14 and it targeting for the 1D MA200 (orange trend-line), which happens to be now exactly at the top (Lower Highs trend-line) of the Triangle and is where it had its last major rejection during the FTX crash on November 04 2022.
A 1D candle closing above the 1D MA200 reverses the currently neutral medium-term trend to bullish and targets the 0.618 Fibonacci retracement level (which happens to be on the November 04 Resistance) and if also broken then the 0.786 Fib (which happens to be on the September 11 High/ Resistance). Basically see how all Fibonacci levels have formed critical pressure points within that pattern.
On the other hand, a closing below the 1D MA50 could target the bottom of the Triangle again but only a break below the last Higher Low (1075.50) can turn the trend bearish (medium-term) towards the 885.00 market bottom.
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A 1D candle closing above the 1D MA200 reverses the currently neutral medium-term trend to bullish and targets the 0.618 Fibonacci retracement level (which happens to be on the November 04 Resistance) and if also broken then the 0.786 Fib (which happens to be on the September 11 High/ Resistance). Basically see how all Fibonacci levels have formed critical pressure points within that pattern.
On the other hand, a closing below the 1D MA50 could target the bottom of the Triangle again but only a break below the last Higher Low (1075.50) can turn the trend bearish (medium-term) towards the 885.00 market bottom.
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
You may also TELL ME 🙋♀️🙋♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁
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