Position: LONG!
I would like to give you guys an update on the long term triangle pattern we detected in the 1-day chart.
ETH Broke Out of the smaller triangle pattern (Pink) and is testing the barrier at the $362 mark. The RSI indicator shows that at the current price point of $365 it has an RSI of 70. If the RSI indicator moves over this limit then Ethereum would be over-bought and would drop in price (Probably along the $309 to $340 marks). If it breaches the $309 mark, then I would expect to see a bounce at its next support at $286. The scenario I am looking for is that of a Bullish Breakout from the long term triangle (Blue) where it will test resistance levels at $393 and test new highs at the $420 mark.
Recommended Guidlines to Follow:
- Wait for the Break Out
- Open your position by following the trend
- Set your target limits
** Always set your stop losses when long
I wish you massive profits in your trades,
CryptoTA
Disclaimer : Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.