Eth has been trading in a symetrical triangle for quite some time. After trending down for 2.5 weeks we have had a very nice 3 day rally that magically stopped at the same resistance line that started the down trend. If price action continues to break down regardless of the recent bullishness resistance is resistance no matter how fast we get there.
With that said it is these hard fast pumps that have potential to create a real brake out. This weeks price action should give clear direction if we continue our down trend toward the bottom of the triange.
The angles on the chart are 15 degree increments and typically produce a reaction on days where they cross the triange or where they end at the outer edge of the circle. If you zoom in our out you will loose the ratio of this circle. The square has been added to quickly readjust its size at any resolution. If the circle losses its ratio simply adjut the resolution or the size of the circle until it fits again perfectly inside the square.
Currently we are presented with a low risk high reward set up if price action brakes down.
Solid target would be the center of the symetrical triangle at 1500-1525.
Second target would be 1375 - bottom of the triangle
With that said it is these hard fast pumps that have potential to create a real brake out. This weeks price action should give clear direction if we continue our down trend toward the bottom of the triange.
The angles on the chart are 15 degree increments and typically produce a reaction on days where they cross the triange or where they end at the outer edge of the circle. If you zoom in our out you will loose the ratio of this circle. The square has been added to quickly readjust its size at any resolution. If the circle losses its ratio simply adjut the resolution or the size of the circle until it fits again perfectly inside the square.
Currently we are presented with a low risk high reward set up if price action brakes down.
Solid target would be the center of the symetrical triangle at 1500-1525.
Second target would be 1375 - bottom of the triangle
Comment:
Price hit dead center of circle nearly too the dollar before falling back in to consolidation triange.