ETHUSDT | Bearish Flag Pattern Detected
Disclaimer on,
This is a personal opinion, I am not responsible on your trading results.
Trade with your own risk.
Ethereum (ETHUSDT) is seen forming a bearish flag pattern in its consolidation. In addition, the last rejection occurred in the area of the 0.618 Fibonacci retracement ratio (Golden Ratio) and coincided with the 90 EMA area.
The Bearish flag pattern is a continuation bearish pattern, which means that if this pattern is confirmed it will bring the value of Ethereum (
ETHUSDT.P
) down even further.
The confirmation of this pattern is when the downward trend line is successfully broken, therefore it would be wiser to take a trading decision after the confirmation occurs. The downside target of the formation of this pattern is the 334x.xx area.
One thing to remember is that this pattern can fail if the price breaks the upper trendline.
This is a personal opinion, I am not responsible on your trading results.
Trade with your own risk.
Ethereum (ETHUSDT) is seen forming a bearish flag pattern in its consolidation. In addition, the last rejection occurred in the area of the 0.618 Fibonacci retracement ratio (Golden Ratio) and coincided with the 90 EMA area.
The Bearish flag pattern is a continuation bearish pattern, which means that if this pattern is confirmed it will bring the value of Ethereum (
ETHUSDT.P
) down even further. The confirmation of this pattern is when the downward trend line is successfully broken, therefore it would be wiser to take a trading decision after the confirmation occurs. The downside target of the formation of this pattern is the 334x.xx area.
One thing to remember is that this pattern can fail if the price breaks the upper trendline.
Trade closed: target reached
The target is still at the 334x.xx area.