ETH: DECISION TIME SOON!! BULLISH OR BEARISH??
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Welcome to this ETH update.
ETH is currently forming a symmetrical triangle in the 4hr time frame. This symmetrical triangle is getting squeezed and soon we will see a decisive move.
WHAT IS A SYMMETRICAL TRIANGLE?
A symmetrical triangle occurs when the price makes lower highs and higher lows. This usually means that neither the buyers nor the sellers are able to gain control, causing the price to range within a triangle.
The price usually trades between trend lines which act as support and resistance, preventing the price from breaking through to new highs or lows.
You can trade using a symmetrical triangle by placing a trade when the price breaks through the triangle and trading in the direction of the breakout. The stop loss would go on the opposite side of the triangle. The take profit is placed the same distance away from the entry as the height of the back of the triangle.
If ETH breaks down from the triangle then we will see a downside move and the price might come to around $1000 in case of a breakout we will see a bullish move. As of now waiting for a clear breakout or breakdown.
What do you think here?
Do you think we will see a breakdown and downward movement or we will see a bullish breakout? Share your views in the comment section.
If you like this idea then do support it with like and follow.
Also, share your views in the comment section.
Thank You!
Welcome to this ETH update.
ETH is currently forming a symmetrical triangle in the 4hr time frame. This symmetrical triangle is getting squeezed and soon we will see a decisive move.
WHAT IS A SYMMETRICAL TRIANGLE?
A symmetrical triangle occurs when the price makes lower highs and higher lows. This usually means that neither the buyers nor the sellers are able to gain control, causing the price to range within a triangle.
The price usually trades between trend lines which act as support and resistance, preventing the price from breaking through to new highs or lows.
You can trade using a symmetrical triangle by placing a trade when the price breaks through the triangle and trading in the direction of the breakout. The stop loss would go on the opposite side of the triangle. The take profit is placed the same distance away from the entry as the height of the back of the triangle.
If ETH breaks down from the triangle then we will see a downside move and the price might come to around $1000 in case of a breakout we will see a bullish move. As of now waiting for a clear breakout or breakdown.
What do you think here?
Do you think we will see a breakdown and downward movement or we will see a bullish breakout? Share your views in the comment section.
If you like this idea then do support it with like and follow.
Also, share your views in the comment section.
Thank You!