How to Spot a Reversal Pattern: A Short-Term ETHUSD TradeHey traders, are you ready for some action? 😎 The RO Flash indicator is flashing green, which means we could see some bullish momentum soon. We’re also nearing the end of a falling wedge pattern on the 1H chart, which is a classic reversal signal. I’m aiming for a 5% profit on this trade, because I like to keep it simple and realistic. 😉 This is the third time we’re bouncing off the 236 Fibonacci level on the 4H chart, and we’re still in a nice .272 retracement zone on the 12H chart. So, what do you think? Will ETH break out or break down? I’m betting on the former, because I’m feeling lucky today. 🍀
Anker
ANKR - Breakout Pending...Ankr is currently within a pennant formation and price is being squeezed towards an apex. Due to the recent volatility and spikes, it is unclear whether it is a bullish pennant or bearish pennant.
The best way to enter this trade is wait for price to break the pennant formation and then enter on a retest or a flag pattern.
See below for Daily timeframe:
ANKR - Are We Ready To Break Out??ANKRUSDT has been in a descending channel since late February. It appears to be respecting the channel as we've seen rejections on both extremes of the channel.
Recently we've seen a double bottom which is often a reversal pattern. This could indicate that we may be breaking out very soon. Watching this one closely to see if we can break the structure level and channel.