Take every analysis with a grain of salt. Here is another view of what I see in ETHUSD price. Usually this ascending triangle, following a downtrend, leads to more downward movement. It is on a larger timeframe meaning bigger push. My first initial take profit is at $750 ETH. Final is $450 ETH.
-I'd also like to note if you scroll up a bit before the downward movement price consolidated for exactly 29 days before it dropped about 800 pips. On July 12th (in 3 days) it will be 29 days exactly from the beginning of this new consolidation.
(My bias is only valid IF price breaks down from the ascending triangle downward.)
If price breaks above this strong resistance we could be seeing the end of this bear run, but highly unlikely due to inflation, the recession coming, and also the Russian Hacks.
I would like to see price break downward from the ascending triangle simply because it is a much cleaner and predictable outcome meaning cleaner set ups to make money. Thank you hope this helps you guys. ALWAYS TRADE WITH THE BIG PLAYERS
-I'd also like to note if you scroll up a bit before the downward movement price consolidated for exactly 29 days before it dropped about 800 pips. On July 12th (in 3 days) it will be 29 days exactly from the beginning of this new consolidation.
(My bias is only valid IF price breaks down from the ascending triangle downward.)
If price breaks above this strong resistance we could be seeing the end of this bear run, but highly unlikely due to inflation, the recession coming, and also the Russian Hacks.
I would like to see price break downward from the ascending triangle simply because it is a much cleaner and predictable outcome meaning cleaner set ups to make money. Thank you hope this helps you guys. ALWAYS TRADE WITH THE BIG PLAYERS