If you saw my previous analysis you know I pointed out a bullish pin bar that was forming on ETHUSD daily candlestick charts. Even though the pattern weakened a little bit into the close, the candlestick still had decent form and a bullish bias to it. Price has since broken up and out of that pattern. Pinbars can be very powerful patterns, and this instance was no exception.
One could make the argument that there is a larger pattern that has broken out which is a falling wedge. It is possible that price hits 175 and pulls back, in which case a bull flag pattern becomes more likely. In either case both patterns are bullish and clearing the 175 region opens up price to move into 200-220.
One could make the argument that there is a larger pattern that has broken out which is a falling wedge. It is possible that price hits 175 and pulls back, in which case a bull flag pattern becomes more likely. In either case both patterns are bullish and clearing the 175 region opens up price to move into 200-220.
