ETHUSD - short
Do you see a bull flag, right? Something similar happened in early April as well.
If we play with trendlines, we can find both a descending channel with a breakout (dashed lines - and then it appears to be a bullish formation) and a broadening wedge (bold lines - and then we will have a bearish structure until the breakout from it).
I'm betting on the second structure, with a target towards its midpoint (target1) or even it's bottom (target2).
If we play with trendlines, we can find both a descending channel with a breakout (dashed lines - and then it appears to be a bullish formation) and a broadening wedge (bold lines - and then we will have a bearish structure until the breakout from it).
I'm betting on the second structure, with a target towards its midpoint (target1) or even it's bottom (target2).
Note
If you don't like the idea of working with identifying potential price patterns, then we could go for a much simpler approach by identifying resistance and support zones or fair value gaps and liquidity areas.We will invalidate this idea as soon as ETH breaks the resistance zone of $2000 - $2100.
Note
target doneTrade closed: target reached
Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.