$ETHUSD Continuation or Reversal?!
Sorry folks, was away for Vacation, but am back and ready, so let's dig right in.
On the 4H chart ETH against the dollar continues to consolidate nicely. We have what looks like a symmetrical triangle forming after the recent run up along with decreasing volume. We will be approaching the three-quarters mark in the triangle in a day or so, so stay keenly aware of increasing volume which could signify impending breakout. In my opinion, we will see continuation of the run up into the pattern. Using the method of measuring the base of the triangle would put price target between $800 and $810.
If the breakout fails to occur, we should be vigilant to eye a reversal and potential slide. Symmetrical triangles can be signs of continuation or reversal, but it has been stated that 75% of symmetrical triangle patterns are continuations, NOT reversals. Saying that, waiting for direction of breakout is critcal.
***This is not a recommendation to buy or sell. Please do your own research and make educated trading decisions***
On the 4H chart ETH against the dollar continues to consolidate nicely. We have what looks like a symmetrical triangle forming after the recent run up along with decreasing volume. We will be approaching the three-quarters mark in the triangle in a day or so, so stay keenly aware of increasing volume which could signify impending breakout. In my opinion, we will see continuation of the run up into the pattern. Using the method of measuring the base of the triangle would put price target between $800 and $810.
If the breakout fails to occur, we should be vigilant to eye a reversal and potential slide. Symmetrical triangles can be signs of continuation or reversal, but it has been stated that 75% of symmetrical triangle patterns are continuations, NOT reversals. Saying that, waiting for direction of breakout is critcal.
***This is not a recommendation to buy or sell. Please do your own research and make educated trading decisions***
Note
There has been a close above the triangle, but this looks like a false breakout for now. Volume has not picked up, and there remains significant resistance at the $690 level.Note
Volume has spiked! We've passed the 690 and 700 resistance level. Large 2k ETH sell wall removed. Breakout looks to be confirmed, need to close at this level, but looks really strong at this point. Strap up and enjoy the ride.
Trade closed: target reached
Order cancelled
Trade closed: target reached
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