ETHUSDT | Rising Wedge Pattern detected
Disclaimer on,
This is a personal opinion, I am not responsible on your trading results.
Trade with your own risk.
I have found a rising wedge pattern on Ethereum, this pattern can be seen on the 30 minute time frame, and will be more obvious on the 15 minute time frame (as I present it here).
It can be seen that the price of Ethereum tried to strengthen again and was stuck in the 90 EMA area and formed a Rising Wedge pattern.
This pattern is a bearish pattern, with the downside target at 3115.xx which is the 1.618 Fibonacci retracement ratio. An entry can be made when the price breaks the downtrend line and close underneath with a stop loss at the last peak (3250.xx). This plan can provide a potential risk to reward of 1.72x.
Follow me for next update.
___________
Best regards, @riandwip686
This is a personal opinion, I am not responsible on your trading results.
Trade with your own risk.
I have found a rising wedge pattern on Ethereum, this pattern can be seen on the 30 minute time frame, and will be more obvious on the 15 minute time frame (as I present it here).
It can be seen that the price of Ethereum tried to strengthen again and was stuck in the 90 EMA area and formed a Rising Wedge pattern.
This pattern is a bearish pattern, with the downside target at 3115.xx which is the 1.618 Fibonacci retracement ratio. An entry can be made when the price breaks the downtrend line and close underneath with a stop loss at the last peak (3250.xx). This plan can provide a potential risk to reward of 1.72x.
Follow me for next update.
___________
Best regards, @riandwip686
Trade active:
The pattern has been confirmed, and short positions can be traded
Trade closed: target reached