ETH Triangle Pattern Bull or Bear Breakout ? Target 725€
ETH has previously confirmed its reversal bull trend. Reaching quickly the 578€ level (transposition of depth of cup&handle formation - see my previous idea) and correcting brutally until shot-term support trend line (blue). Despite bouncing back, it broke-down the first support trend line, indicating bear signal, forming a pennant pattern.
In case of a bull breakout we have our trigger at >580€ (if candle confirmed) and our first target around 600€ level (transposition of triangle height) and second target around 725€ level (transposition of scale stairs as see in screenshot below).
RSI mid range (50 now) so more up is possible. This scenario would make a nice validated continuation pattern.
In case of a bear breakout, very likely fall until support zone (435-485) as shown and expected bounce back.
In case of a bull breakout we have our trigger at >580€ (if candle confirmed) and our first target around 600€ level (transposition of triangle height) and second target around 725€ level (transposition of scale stairs as see in screenshot below).
RSI mid range (50 now) so more up is possible. This scenario would make a nice validated continuation pattern.
In case of a bear breakout, very likely fall until support zone (435-485) as shown and expected bounce back.
Trade active:
Hidden bullish divergence didn't lie.
Price quickly crossed up the triangle pattern and reached the trigger(>580€) with candle confirming in 4h, followed by a Breakout as expected.
RSI still in range so more up possible.
First target is now aimed (around 677€). However Bitcoin and other alts are not showing such bulls signal so be careful anyway, with a close stop-loss (550€ for me).
Price quickly crossed up the triangle pattern and reached the trigger(>580€) with candle confirming in 4h, followed by a Breakout as expected.
RSI still in range so more up possible.
First target is now aimed (around 677€). However Bitcoin and other alts are not showing such bulls signal so be careful anyway, with a close stop-loss (550€ for me).
Comment:
ETH quickly reached 630€ resistance level (combined with Fib Arc when properly 45° oriented) so, as it was expected, slightly bounced back.
Good news the bull move is now present on BTC and alts with good volumes and RSI >70 on BTC.
Price should, likely after a breath (RSI>73), go through that resistance and reach target 1 soon.
Let's watch!
ETH quickly reached 630€ resistance level (combined with Fib Arc when properly 45° oriented) so, as it was expected, slightly bounced back.
Good news the bull move is now present on BTC and alts with good volumes and RSI >70 on BTC.
Price should, likely after a breath (RSI>73), go through that resistance and reach target 1 soon.
Let's watch!
Comment:
I meant "...and RSI <70* on BTC" !!
Comment:
Price perfectly followed the forecast, First target reached.
RSI hidden bullish divergence (Lower low in RSI vs Higher Low on price): Bullish signal.