Welcome members to this update on ETH.
If you are viewing my post for the first time then do not forget to like and follow. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest in my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on it or use it to understand the market.
Let's get back to the chart.
ETH rallied as expected and the current price is close to the resistance level. This is the same trendline that ETH failed to breakthrough thrice. Will it be different this time? Well, before jumping to a conclusion let us analyze this chart.
In this 6 hours chart, ETH is in the symmetrical triangle pattern, and usually, in this type of pattern, the breakout direction is not fixed. It could break in either direction. If you pay close attention to this chart then you will observe that both the trendline are getting closer which means we are reaching the edge of this triangle pattern.
According to my analysis, I believe that ETH should show a retest from this level, pull back towards the $2.4k range, and then bounce back. The reason why I am considering this move is that ETH is already at the upper trendline, and RSI is in the overbought zone.
Let me know what you think about this idea and if you like it then do share the link wherever you can. Let this idea reach as many traders as possible.
I will cover more on this in the coming days until then stay safe and trade well.
Thank you.
If you are viewing my post for the first time then do not forget to like and follow. I share updates on the crypto market including margin trading, futures, spot, and scalping. All ideas are my biased opinion and I invest in my own risk. I don't force anyone to buy or sell, I simply share my ideas absolutely for free and it is your sole decision whether to trade on it or use it to understand the market.
Let's get back to the chart.
ETH rallied as expected and the current price is close to the resistance level. This is the same trendline that ETH failed to breakthrough thrice. Will it be different this time? Well, before jumping to a conclusion let us analyze this chart.
In this 6 hours chart, ETH is in the symmetrical triangle pattern, and usually, in this type of pattern, the breakout direction is not fixed. It could break in either direction. If you pay close attention to this chart then you will observe that both the trendline are getting closer which means we are reaching the edge of this triangle pattern.
According to my analysis, I believe that ETH should show a retest from this level, pull back towards the $2.4k range, and then bounce back. The reason why I am considering this move is that ETH is already at the upper trendline, and RSI is in the overbought zone.
Let me know what you think about this idea and if you like it then do share the link wherever you can. Let this idea reach as many traders as possible.
I will cover more on this in the coming days until then stay safe and trade well.
Thank you.
