The 1 hour timeframe of Ethereum (ETHUSD) is shown in this analysis with the sideways movement in price action from August 12, 2018 till current date captured with a symmetrical triangle chart pattern.
At least two points of contact on each trendline used to draw the chart pattern makes it valid as shown by the green ellipses. The implication of the pattern is a stalemate between Ethereum bulls and bears, and of importance is the fact that the triangle is coming after a downtrend in Ethereum, which therefore opens up the possibility of a bullish move.
$304.07 is used in this analysis to indicate a breakout to the upside, while $270.08 is used to indicate a downside ejection out of the chart pattern.
~$82.49 is used as the width of the triangle (i.e. $330.85 minus $248.36), so that a bullish move to the upside can be expected to target ~$387. A downside projection of the triangle can be expected to target ~$187.
At least two points of contact on each trendline used to draw the chart pattern makes it valid as shown by the green ellipses. The implication of the pattern is a stalemate between Ethereum bulls and bears, and of importance is the fact that the triangle is coming after a downtrend in Ethereum, which therefore opens up the possibility of a bullish move.
$304.07 is used in this analysis to indicate a breakout to the upside, while $270.08 is used to indicate a downside ejection out of the chart pattern.
~$82.49 is used as the width of the triangle (i.e. $330.85 minus $248.36), so that a bullish move to the upside can be expected to target ~$387. A downside projection of the triangle can be expected to target ~$187.
