The
ETHUSDT
chart on a 6-hour scale presents a compelling scenario with two notable triangle formations. The first, a smaller black triangle, seemed poised for a bullish breakout, but the pattern has failed to materialize as expected, indicating potential weakness or consolidation.
In contrast, the larger white triangle, encompassing a broader range of price action, suggests significant market indecision. Triangle patterns often precede periods of high volatility, and the size of this pattern implies a substantial move could be on the horizon. Traders should watch for a decisive breakout or breakdown from this larger triangle, as it could set the tone for the next substantial trend in
ETHUSDT
.
The apex of the triangle coincides with key Fibonacci retracement levels, adding confluence to the potential breakout/breakdown points. A downward breakout targets the 0.618 Fibonacci level near 2083.91 USDT, while an upward move could test the 1.861 extension level, aligning with the previous analysis' target point D.
Remember, triangle patterns require confirmation via breakout volume; hence, traders should look for an increase in volume accompanying the breakout to validate the move.
ETHUSDT
chart on a 6-hour scale presents a compelling scenario with two notable triangle formations. The first, a smaller black triangle, seemed poised for a bullish breakout, but the pattern has failed to materialize as expected, indicating potential weakness or consolidation. In contrast, the larger white triangle, encompassing a broader range of price action, suggests significant market indecision. Triangle patterns often precede periods of high volatility, and the size of this pattern implies a substantial move could be on the horizon. Traders should watch for a decisive breakout or breakdown from this larger triangle, as it could set the tone for the next substantial trend in
ETHUSDT
. The apex of the triangle coincides with key Fibonacci retracement levels, adding confluence to the potential breakout/breakdown points. A downward breakout targets the 0.618 Fibonacci level near 2083.91 USDT, while an upward move could test the 1.861 extension level, aligning with the previous analysis' target point D.
Remember, triangle patterns require confirmation via breakout volume; hence, traders should look for an increase in volume accompanying the breakout to validate the move.
