Another possibly bullish pattern in the ETH/USD chart. Earlier in the week a descending wedge produced the exact result we were looking for when that wedge led to an up side breakout. Now we have a smaller pattern that is very similar in shape, but smaller. This pattern is outlined and highlighted in green as is the earlier version. It, too, is bullish and projects a return to retest 230 IF and when it breaks out.
This could also be part of the formation of an inverted head and shoulders pattern that, if confirmed by a solid breakout, would project a run to 300 in the ETH/USD pair.
This could also be part of the formation of an inverted head and shoulders pattern that, if confirmed by a solid breakout, would project a run to 300 in the ETH/USD pair.
Trade closed: target reached:
Bingo on the descending wedge. Just broke out and ran quickly to 229...
Neckline of inverted head and shoulders should still give some fight but I think we have a very good chance of a breakout of this pattern and a target of 300 once that happens...
Neckline of inverted head and shoulders should still give some fight but I think we have a very good chance of a breakout of this pattern and a target of 300 once that happens...