After the recent breakout from $285 to $170, price has consolidated and begun to converge between $195 and $225. This movement is causing a pennant or flag formation which usually signals continuation of the trend. Thus, I am looking at a downward breakout below $200 to enter a short position and take profit at $85.
Take profit level is decided by reducing price by the length of the flagpole. In our case, the flagpole price difference is $285 - $170 = $115. Entering the trade at $200 results in a take profit at $85. Stop loss at $240.
Comment
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1-1-0 still, trade never entered based on this chart
@goldbug1, Again, Ethereum is currently sitting at $110 and if this trade was taken you'd be sitting on a 50% profit. You really are the dumbest person on tradingview
MrDiamondHands
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Recent price movement pushed chart out to a full flag, and subsequently broke out below support at $225. Should be good to enter short at sub-$225 and take profit $110.
MrDiamondHands
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Pennant upper bound has clearly failed as of 12:00PM PST on 9/21, which is why we were waiting to enter short only on a breakout below our lower bound at sub-$200.