Trianglebreak
ETH Triangle Breakout or Still Consolidating?Ethereum's (ETH) price has been squeezing in a relatively tight range resembling a symmetrical triangle. From here, we have two trading scenarios: either the range becomes tighter as the price gets squeezed in between the upper triangle resistance and lower triangle support, or a breakout to the downside might be in the cards.
Playing the Breakout
The symmetrical triangle is a neutral chart pattern, but the downside breakout might carry more weight since the prevailing trend is bearish. A breakout of the upper sloping trendline can expose the 200-day moving average, which right now comes at around $1,832.
The 200-day MA is above the most recent swing low, which comes at $1,730. This might be a positive development for the bulls since the bears will first need to overcome two major support levels that come together into a single place.
Support and Resistance Levels: Key support and resistance levels to watch come at the $2,900 - $3,000 price zone, and the $2,200 - $2,280 price zone.
RSI Bearish Momentum Buildup
Another development that might get the bulls worried is the RSI bearish momentum buildup. The RSI indicator readings have been below the 50 level during the entire time ETH was trapped inside the symmetrical triangle pattern. An RSI reading below 50 usually indicates bearish momentum pressure.
DJ is breaking the groundDJ yesterday broke out of the long-held triangle, coming below the major high and low prices trend since the crash last year, as well as below the 50 SMA for the first time. This is a major change that seems to confirm the bearish outlook I predicted a couple of months ago. Even if it rebounds from the current downtrend, there;s not much left in the triangle and an upward breakout is very unlikely given the fundamentals. Buckle up.
EOS/USDTBINANCE:EOSUSDT
Friends who do not take much risk are slaves to this currency
For now, I suggest you wait until the price
Reach the Fibonacci levels and after reaching that point
Make a purchase so that this area overlaps the two levels
Strong Fibonacci formed and failure of this area needed to be vacant
Has a heavy market
DOGE/USDTBINANCE:DOGEUSDT
If you look closely at the last candlesticks you can see the power
There are more sellers than buyers, and if so
The bottom of the triangle floor will be broken and please after the floor break
Do not buy, be sure to wait for the pullback and if the conditions
It was good to enter
Bitcoin AnalysisBINANCE:BTCUSDT
For Bitcoin, I have to say that if it can, the price is forty thousand
It can break up to forty-two thousand
Well, the level is in the range of 38 thousand
If it is broken, it can fall to the support floor
But if the price goes beyond the second level, then for
Be prepared for tuberculosis
BTC/USDTBINANCE:BTCUSDT
Given the downward trend in getting a buy position
It is risky and those who are at risk can if
The ascending candle will be closed at the price of 36 thousand
Or if you are not prudent by breaking the roof of the triangle or
The floors that I specify you can enter and for
People who can get tuberculosis shorts Defeat 1.618
Downstairs is a good option to enter
ADABTC is testing an important trendline 🦐ADABTC is testing an important trendline after the price created a triangle. IF the price will have a breakout downward and flip the current support (daily one) into new resistance, we can see a retest of the weekly support (red one).
According to Plancton's strategy (check our Academy), we can set a nice order
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis, please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.