ETH/USD - Descending Triangle Breakdown to 0.618_147.25% Profit

This descending triangle looks eerily like the one we saw prior to the 24th, February, 2020 breakdown. This setup is in anticipation of a close below the bottom of the descending triangle. The descending triangle support has confluence with the 0.147 Fibonacci from the 11th, March, 2020 low to the 31st, May, 2020 high. Idea is to short down to the 0.618, taking profit along the way!

Check out the other linked related ideas to see past ETH performance!

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Technical Analysis
-Closing 24H below 21EMA
-Closing below bottom of descending triangle
-24H RSI below exponential
-24H stochastics down
-24H stochastics broke below trend line
-12H 10SMA about to cross below 21EMA

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Entry: 228.90

T1: 220.50
T2: 210.25
T3: 199.50
T4: 188.25
T5: 178.15
T6: 167.75
T7: 161.50

Stop: 235.12

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R:R: 6.69 - Sexy number!
Risk: 4.40%
Reward: 29.45%
Leverage: 5X
Leveraged Risk: 22.00%
Leveraged Reward: 147.25%

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This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my trade ideas and are intended for educational purposes only.

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First target hit, then things turned around!

T1: 220.50 - HIT!!! (18.34% Gain)