On the daily chart, ETH have been forming a big ascending triangle closing in may. Inside this ascending triangle we have also created a small trend line (black) which could accelerated the breakout. The top trend line in the ascending triangle is resting at $162, and all price action below this is considered being inside the triangle for now, unless we break the bottom trend of the triangle marked in blue.
Triangles is usually continuation patterns. A descending triangle in a bear-trend is a strong indication for us to break down. A symmetrical triangle/pennant is a little bit more neutral in a bear-trend, but it's also a continuation pattern so statistically speaking it should break down. However, ascending triangle is a bullish pattern which now is appearing in a bear-trend. These sentiments sort of neutralise each other, making it more likely we will break up.
Trading between the trendiness can make some crazy good profits!
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Triangles is usually continuation patterns. A descending triangle in a bear-trend is a strong indication for us to break down. A symmetrical triangle/pennant is a little bit more neutral in a bear-trend, but it's also a continuation pattern so statistically speaking it should break down. However, ascending triangle is a bullish pattern which now is appearing in a bear-trend. These sentiments sort of neutralise each other, making it more likely we will break up.
Trading between the trendiness can make some crazy good profits!
If you like it and would like to receive future updates - Please, follow me on TradingView!
If you follow me, I guarantee you will receive timely updates to this chart, and all other interesting tickers. This will allow you to stay on top of the current Ethereum trend and hopefully maximize your profits!
If you agree, please, Like this Idea - This would be the best feedback and encouragement for me!