Is this 2018 all over again, or is this bull market different?
ETHUSD is painting a bear pennant on the 1H chart. Completion of this chart pattern would send it down to test the trend line from Dec 24th, and/or the .786 Fib line. Trade setup idea consists of buying at ~$960 level with a stop loss ~$940 to catch a rebound. Catching knives can be dangerous. USE A STOP LOSS. Alternative would be a short at those levels if the trend line is violated.
***This is not a recommendation to buy or sell. Please do your own research and make educated trading decisions***
***This is not a recommendation to buy or sell. Please do your own research and make educated trading decisions***
Ok, my original premise was right here, but my trend line was wrong. I used a trend line originally set from the points at the blue arrows, but missed the points (left to right) 1 and 2 white arrows. The triangle completed, and there was a successful bounce off the correct trend line.