ETH is forming a symmetrical triangle and an uptrend channel on the H1 chart.
If the symmetrical triangle break out upperside then a price reversal could be confirmed and the 1st target is 216$
If the symmetrical break out downside then ETH may reach to 185$
Symmetrical Triangle : The breakout in a symmetrical triangle happens in the third try 60 to 70% of the time either upside or downside, if the breakout happens upside at the third try the price goes up and reach the target and if it breaks downside at third try then price goes down and reach the target. if price can't break at the third try in downside then it can be guessed that it will breakout upperside.
Currently ETH touched the symmetrical triangle both upperside and downside two time, let's see which side it breaks at the third try and in a confirmed breakout buy or sell decision could be make.
As of now it seems it will break upperside because Sellers strength is weakening.
Support me by hitting the like button.
Thank You;
If the symmetrical triangle break out upperside then a price reversal could be confirmed and the 1st target is 216$
If the symmetrical break out downside then ETH may reach to 185$
Symmetrical Triangle : The breakout in a symmetrical triangle happens in the third try 60 to 70% of the time either upside or downside, if the breakout happens upside at the third try the price goes up and reach the target and if it breaks downside at third try then price goes down and reach the target. if price can't break at the third try in downside then it can be guessed that it will breakout upperside.
Currently ETH touched the symmetrical triangle both upperside and downside two time, let's see which side it breaks at the third try and in a confirmed breakout buy or sell decision could be make.
As of now it seems it will break upperside because Sellers strength is weakening.
Support me by hitting the like button.
Thank You;
Trade active
Order cancelled
Note
Broked Downside on the third try. Target is 180$
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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.