TimStarkem

ETH USD on the day chart with double bottom W pattern

Long
KRAKEN:ETHUSD   Ethereum / U.S. Dollar
Looking at the day a simple Double Bottom W pattern The divergence is present, EMA12 and 26 has crossed the EMA200 again so a few bullish signals in overal. But we're not there yet! Bulls need to complete the pattern and break the $2340, then a price towards $2860 can just be put back on the radar.
i've just posted an falling wedge on the 12H as well.. so both have quite the same target point. in this chart the support and resistance lines are better on the chart.

Please note... for example, if we fall through after a breakout on the W pattern when testing the support, that could mean that we could see a relapse again towards $2000 or lower. This also applies to the pattern on the 12H, if we fail when re-testing you can take that as a sign of weakness. Sometimes they want to grab extra liquidity during such a re-test, stop losses that are just below the support line, in short, always pay attention to such scenes.

Keep calm, trade safe and manage your risk.

(Disclaimer: This is not financial advice)

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