ETH/USD - Ascending Triangle Breakout - 65.48% Profit Potential

Hello future millionaires!!!

I hope everyone is having a great day today! It's such a beautiful and sunny day! What a great time to be alive to witness all this crypto exuberance!

Please take a second to leave a like if you derive any value from this or past charts. It also helps keep me motivated to share more with the community.

Firstly, seeing as we have not seen a healthy pullback, this is a higher risk trade than most setups, but as long as we are managing our risk, we'll never get rekt!

A better entry would be to wait until price comes back down to the support zone (the purple box). I'll post a trade for that setup shortly.

I recently posted another chart showing us running into strong resistance at $331. If we can break through this resistance zone , then I think we'll see some more moon action, so get your moon boots prepped!

However, this could all be a huge bull trap. If traditional markets tank (we are on the precipice of a global financial meltdown), then we are highly likely to see the cryptosphere follow! That said, I have my stops set tight and am keeping my finger on the crypto bloodline!

Personally, I would not take this setup, but I wanted to chart it and post it and watch it play out. A chart for a better entry is coming soon. I would take an entry toward the bottom of the ascending triangle though. That entry would present a much better risk:reward and seeing as how we may see a pullback soon, I want to keep my stops tight!

Best of luck on your trades everyone!

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Technical Analysis
ETH appears to be forming an ascending triangle on the 4H within the ascending broadening formation. If we get a close above the second highest 4H candle close, then I'm looking to long to resistance around $345.

We may be confirming hidden bullish divergence on the 4H RSI if we can get a close above the last 4H high. On the flip side, we have 3 drives of bearish divergence, so this could be a local top. If we close below the $315 support zone , we could see a nice pullback! Be prepared for such a scenario.

Stochastics are pegged out in the bullish control zone, which is normal behavior for this momentum oscillator in a trending move. RSI is better for trending price action, whilst stochastics are better for ranging price action!


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Entry: 325.45

T1: 333.33 <---- Magic number!
T2: 343.00
T3: 350.00
T4: 360.00
T5: 378.70

Stop: 307.83

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R:R: 3.02
Risk: 5.41%
Reward: 16.37%
Leverage: 4X
Leveraged Risk: 21.64%
Leveraged Reward: 65.48%

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Guide to my charts:

-The horizontal purple boxes of peace and prosperity are support/resistance 'zones'. If price pierces through one side, then it is likely to head toward the next support/resistance zone or line.

-The purple lines are support/resistance lines.

-Yellow lines are typically used to chart out pattern formations.

-The colored lines are MAs (Red: 10 simple, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Grey: 200EMA, White: 200SMA, Maroon: 377EMA.
The Historical Volatility Percentile (HVP), RSI , and stochastic indicators are typically immediately below the chart.

-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.



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This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my trade ideas and are intended for educational purposes only.

Comment: Here is the chart with the 0.382 Fibonacci resistance in the $330 zone. Nice area for a pulback!

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