The classical chart pattern has always been a pattern traders love to trade the most.
On the daily time chart, the price of ETH has been spotted forming a bearish chart pattern called THE DESCENDING TRIANGLE CHART PATTERN.
On different previous price analysis we have shared, we always talk about the horizontal resistance/support level.
The descending triangle has a level of horizontal support which loves to breakdown from to the down side. The most important part of the descending triangle chart pattern is that price must close below the HORIZONTAL SUPPORT(the body of the candlestick).
The height of the descending triangle is used to measure the take profit level to the down side. Price should touch one trendline at least three times and the other trendline at least twice as distinct peaks or valleys. Like we said The pattern confirms as a valid one when price closes outside one of the trendlines( 60% downward). Traders should keep an eye on the following levels below:
Breakdown level: $147.67
Support 1: $140.65
Support 2: $131.73
Support 3: $122.77
Support 4: $112.70
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.
On the daily time chart, the price of ETH has been spotted forming a bearish chart pattern called THE DESCENDING TRIANGLE CHART PATTERN.
On different previous price analysis we have shared, we always talk about the horizontal resistance/support level.
The descending triangle has a level of horizontal support which loves to breakdown from to the down side. The most important part of the descending triangle chart pattern is that price must close below the HORIZONTAL SUPPORT(the body of the candlestick).
The height of the descending triangle is used to measure the take profit level to the down side. Price should touch one trendline at least three times and the other trendline at least twice as distinct peaks or valleys. Like we said The pattern confirms as a valid one when price closes outside one of the trendlines( 60% downward). Traders should keep an eye on the following levels below:
Breakdown level: $147.67
Support 1: $140.65
Support 2: $131.73
Support 3: $122.77
Support 4: $112.70
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.