Pattern: Triangle/Wedge (Long!)
Ethereum is showing a nice long term triangle pattern in its 1 day chart.
As you can see Ethereum has been consolidating since its initial bullish rally in May. The chart shows strong support at the $286 price point and a strong ceiling/resistance at the $393 level. If ETH manages to Break Out above the triangle it has huge potential for bullish trend up to the resistance point at $393. I'm hoping Ethereum breaks the $393 resistance line and establishes a new support there. As you can see my stance at the point of this writing is Long! But nothing is 100% certain. At the end of the day the market will decide.
For this reason I strongly recommend you follow these guidelines when establishing a position:
- Wait for the Break Out
- Open your position by following the trend
- Set your target limits
** Always set your stop losses when long
Happy Trading!
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.