[ETHUSD] $75 Target Short - Descending Triangle UPDATE
I have updated my most recently published analysis of ETH price movements.
The descending triangle pattern is still valid and these most recent pumps have added further data points to confirm this trend. The 100 ema appears to be nearly impossible resistance for the bulls.
Shorts at the 100 ema or the upperbound of the triangle have great potential.
Targeting entries above 91, I got lucky and caught a few sell orders at 95+ which are doing well right now.
We can also see a bearish MACD cross incoming, a bearish Stoch RSI cross and a relatively high RSI overall.
It is also important to keep in mind that we are still in a long-term downtrend which the bulls have not been able to break for months. A descending triangle breakout would mark another continuation of this downtrend. If we break through the lower bound we could expect to see ETH hit $75 at a minimum. The slightly opaque box represents the last line of support ETH currently has (this extends back to May 2017 levels).
A break through that box would not be good for ETH.
**This is for educational purposes only, you are responsible for your own investment activities**
Happy trading mates!
The descending triangle pattern is still valid and these most recent pumps have added further data points to confirm this trend. The 100 ema appears to be nearly impossible resistance for the bulls.
Shorts at the 100 ema or the upperbound of the triangle have great potential.
Targeting entries above 91, I got lucky and caught a few sell orders at 95+ which are doing well right now.
We can also see a bearish MACD cross incoming, a bearish Stoch RSI cross and a relatively high RSI overall.
It is also important to keep in mind that we are still in a long-term downtrend which the bulls have not been able to break for months. A descending triangle breakout would mark another continuation of this downtrend. If we break through the lower bound we could expect to see ETH hit $75 at a minimum. The slightly opaque box represents the last line of support ETH currently has (this extends back to May 2017 levels).
A break through that box would not be good for ETH.
**This is for educational purposes only, you are responsible for your own investment activities**
Happy trading mates!
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