The Pennant Squeeze

A bullish pennant has formed over the last week, giving us an excellent long opportunity.

- Things to consider -
Like stated above this is based strictly on TA. We could still possibly see a break towards the bottom. Here are my following reasons:
According to my charts ETH is still in a BEAR market. So until we break this pennant things are not looking promising.
ETH still has not released any technical upgrades for the network.
August 1 - Many people are waiting to enter/re-enter the market until after this date.

However, based on strictly TA, I am betting on a long opportunity here.

I have a Long entry set at $232 which allows for confirmation.
If we happen to break the bottom of the pennant I will place my short entry at $224

For the safety of your account I do encourage waiting for confirmation.
There are several reasons why this could go south.

I wish you all luck!

Note:
As soon as we make a break I will post profit level in the comments below.
Also, my trendlines were placed at different time intervals, which may make them appear skewed.

Comment:

We have just broken the main trendline of the pennant. However I suggest waiting to short until we have confirmation.
An upswing is still not out of the picture!
This is the wild west

Comment:

waiting on a break to initiate the short!

Order cancelled:

The sky is falling the and floor is LAVA!

Waiting for a break, but it looks like we're just getting sideways action today.
Stay posted!

Trade active:

I'm taking a risky move here and shorting.
Not expecting you to join with the unpredictable market we've had today, just keeping you all posted!
Good Luck!

Trade active:

Profit Levels:

Comment:

closed short for 8.5% profit.
looking to re-short if or as soon as we break the 200 level

Trade active:

Late post, but Another Bearish Pennant has formed for ETH.
Target $185. Wish you all luck!

Trade closed: target reached:

ETH has fallin into the Abyss.
Will likely see a small retracement.

Stay tuned for next position!