Hello friends, followers and traders.
Let's dive in in Ethereum!
Scenario A:
Bullish breakout from the ascending triangle;
A rally that will peak between 240-260$ is the primary objective here, with a possible continuation to 280-300$ range is possible.
Scenario B:
Bearish continuation, we will take a dive into the depths of despair and capitulation. The A-B distance in the flag measures a new low of 20$. The real depression of crypto.
A wise decision is to wait this out and pick a side when we see a test of 115$, treading with causion here is a good Idea.
However one of my previous charts which I'm still following is pointing to an end of the bear market, therefore I'm leaning bullish.
We have 3 possible outcomes rather than the simple A/B i presented. So it's a 2-way bearish scenario actually.
Double top - Ascending Triangle (Bearish / Bullish)
But is it a coin toss? Not if we work with probability's.
A) Double top:
This deep down? Hm, well, certainly a possiblity, but i rather think this will be a make or break type of pattern that we're making. Looking at the red colored pattern above it produced a powerful breakdown from 200$ to 80$. Given this magnitude when we reach apex the price would with a high likelyhood go to 20$ which i see unlikely given the interest of buying at those levels.
A interesting thing to note is that the pattern that broke us down from 200$ to 80$ - bounced on the horizontal resistance above us right now.
That means that we could predict this down move by the dollar by measuring the patterns distance before hand.
B) Ascending triangle:
This is where I'm leaning towards. Yes - we are in a bear market, so bullish patterns can be devious, we have created 2 highs within a very similar range and each bounce have produced a higher low. However in the larger context this means nothing, but something that we should take into account is that the initial bounce produced the highest market volume we have seen for a while. As the volume dries up when we inch toward the apex of this pattern you can be sure that it will produce a powerful outcome.
Some words on ascending triangles:
"One of the best Ascending Triangle performers statistically is the bearish continuation pattern seen in a downtrend."
"Ascending triangles are considered a continuation pattern, as the price will typically breakout of the triangle in the price direction prevailing before the triangle. Although, this won't always occur. A breakout in any direction is noteworthy."
Be-ware and take care :)
Your friend
//Ethhunter
Let's dive in in Ethereum!
Scenario A:
Bullish breakout from the ascending triangle;
A rally that will peak between 240-260$ is the primary objective here, with a possible continuation to 280-300$ range is possible.
Scenario B:
Bearish continuation, we will take a dive into the depths of despair and capitulation. The A-B distance in the flag measures a new low of 20$. The real depression of crypto.
A wise decision is to wait this out and pick a side when we see a test of 115$, treading with causion here is a good Idea.
However one of my previous charts which I'm still following is pointing to an end of the bear market, therefore I'm leaning bullish.
We have 3 possible outcomes rather than the simple A/B i presented. So it's a 2-way bearish scenario actually.
Double top - Ascending Triangle (Bearish / Bullish)
But is it a coin toss? Not if we work with probability's.
A) Double top:
This deep down? Hm, well, certainly a possiblity, but i rather think this will be a make or break type of pattern that we're making. Looking at the red colored pattern above it produced a powerful breakdown from 200$ to 80$. Given this magnitude when we reach apex the price would with a high likelyhood go to 20$ which i see unlikely given the interest of buying at those levels.
A interesting thing to note is that the pattern that broke us down from 200$ to 80$ - bounced on the horizontal resistance above us right now.
That means that we could predict this down move by the dollar by measuring the patterns distance before hand.
B) Ascending triangle:
This is where I'm leaning towards. Yes - we are in a bear market, so bullish patterns can be devious, we have created 2 highs within a very similar range and each bounce have produced a higher low. However in the larger context this means nothing, but something that we should take into account is that the initial bounce produced the highest market volume we have seen for a while. As the volume dries up when we inch toward the apex of this pattern you can be sure that it will produce a powerful outcome.
Some words on ascending triangles:
"One of the best Ascending Triangle performers statistically is the bearish continuation pattern seen in a downtrend."
"Ascending triangles are considered a continuation pattern, as the price will typically breakout of the triangle in the price direction prevailing before the triangle. Although, this won't always occur. A breakout in any direction is noteworthy."
Be-ware and take care :)
Your friend
//Ethhunter
Comment:
Projection
Comment:
Projection upside down :) Looks not so impossible eh?
Comment:
Conclusion right now
Comment:
Uppdate on above chart, we hit first trend for support.
Comment:
Live update, trajectory slightly adjusted to recent confirmation of trendline (see post above)
Trade closed: target reached
Trade closed: target reached:
baller club inc
It could turn into a inverse h&s, but it could also be a trap, let's watch the resistance