ETH Ascending Triangle Pattern Points to Potential Breakout
Updated
Ethereum (ETH) traders have identified an intriguing chart pattern on the 30-minute timeframe—an ascending triangle pattern. This bullish continuation pattern suggests a potential breakout ahead. In this article, we'll delve into the pattern, outline the key levels, and propose a trade setup for traders to consider.
Ascending Triangle Pattern Overview:
The ascending triangle pattern is a reliable bullish continuation pattern characterized by a series of higher lows coupled with a consistent resistance level. This pattern signals a higher probability of an upward price breakout.
Current Scenario:
ETH is currently trading in proximity to the neckline resistance level, forming an ascending triangle pattern on the 30-minute chart. Traders should anticipate a minor dip before a potential breakout occurs.
Trade Setup:
Entry Level: $1840
Target: $1946
Stop Loss: $1824
View Negation:
Should ETH break below the critical support level of $1820, the pattern's validity would be invalidated, and traders should reconsider their position.
Ascending Triangle Pattern Overview:
The ascending triangle pattern is a reliable bullish continuation pattern characterized by a series of higher lows coupled with a consistent resistance level. This pattern signals a higher probability of an upward price breakout.
Current Scenario:
ETH is currently trading in proximity to the neckline resistance level, forming an ascending triangle pattern on the 30-minute chart. Traders should anticipate a minor dip before a potential breakout occurs.
Trade Setup:
Entry Level: $1840
Target: $1946
Stop Loss: $1824
View Negation:
Should ETH break below the critical support level of $1820, the pattern's validity would be invalidated, and traders should reconsider their position.
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