Market action the last couple weeks has been crazy! Many of us have been able to make huge gains on our accounts in such short periods of time due to this volatility! However we much remember not to FOMO but to act rationally to maintain our earnings.
That being said, many of those who follow me know that I have been bullish on Ethereum and other coins such as ADA and XMR. However after taking a closer look at Ethereum today, I am not entirely convinced that we have broken out of the ascending triangle which is shown in my last ETH publication. (snapshot and link below)
If you look at the chart above you will notice two Bearish ABCD patterns that complete themselves at 177 which was just tested, and Ethereum was rejected from. Therefore, the 177 level now marks a key level for Ethereum to break to cancel out this repeating pattern.
One could argue that the larger ABCD pattern is invalid due to these patterns being time based. However the smaller one of the 2 is 100% valid, which if resistance is not broken, we will likely test support at the 150 area to see if this pattern will repeat itself once again.
IF we continue up and break past this resistance level, 244-47 remains my final target :)
If you would like more information on ABCD patterns and how they work, please leave a comment! I would love to make an educational post on them!
I wish you all the best of luck!
Cheers!
ETH Ascending Triangle: Do you think this was a solid break?
That being said, many of those who follow me know that I have been bullish on Ethereum and other coins such as ADA and XMR. However after taking a closer look at Ethereum today, I am not entirely convinced that we have broken out of the ascending triangle which is shown in my last ETH publication. (snapshot and link below)
If you look at the chart above you will notice two Bearish ABCD patterns that complete themselves at 177 which was just tested, and Ethereum was rejected from. Therefore, the 177 level now marks a key level for Ethereum to break to cancel out this repeating pattern.
One could argue that the larger ABCD pattern is invalid due to these patterns being time based. However the smaller one of the 2 is 100% valid, which if resistance is not broken, we will likely test support at the 150 area to see if this pattern will repeat itself once again.
IF we continue up and break past this resistance level, 244-47 remains my final target :)
If you would like more information on ABCD patterns and how they work, please leave a comment! I would love to make an educational post on them!
I wish you all the best of luck!
Cheers!
ETH Ascending Triangle: Do you think this was a solid break?
Creator of DepthHouse Indicators on TradingView!
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↣ depthhouse.com/
