From the previous analysis published on the 20th of May 2019, where we talked about the possibility of price breaking out of the pennant flag pattern. The bullish pennant flag pattern still hold.
On the 4hours time frame, the price of ETHUSD is gradually breaking out of the pennant flag pattern. Leveling up with the volume breakout.
The flagpole which leads to the pennant should be unusually steep and last several days. Volume trend downward 89% of the time.
More to that this type of pennant flag pattern is a loose one because it has a lot of space inside it.
VERDICT:
LONG:
Buy: $260.50
Sell:$278 up to $335
Stop loss: 233.81
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
On the 4hours time frame, the price of ETHUSD is gradually breaking out of the pennant flag pattern. Leveling up with the volume breakout.
The flagpole which leads to the pennant should be unusually steep and last several days. Volume trend downward 89% of the time.
More to that this type of pennant flag pattern is a loose one because it has a lot of space inside it.
VERDICT:
LONG:
Buy: $260.50
Sell:$278 up to $335
Stop loss: 233.81
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.