Raising is always good, but not when it happens all at once. Less than two weeks ago, ETHUSD was trading around 170.00. The trend was bullish no mistake, but the excitement took over the market and shortly thereafter, the price jumped by more than 40%. We consolidated a bit after that where the price formed two Symmetrical Triangles. The first one got busted and I personally profited from it (for the full analysis click ). Now, the second triangle is about to have a breakout. Since the bearish momentum is dominating the market, I anticipate that we will break the bottom boundary of the second triangle very soon. Moreover, closing below the blue trendline confirms the downward move - This is still pending. ~249.00 level is an overhead resistance and ~229.00 is the first support underneath.
For updates, stay tuned!
Trade active
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We did close a 4H bar below the blue line. And the bearish momentum is increasing. Being short for now...
Trade closed manually
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Bearish momentum is absorbed for now and we have a bullish momentum present in the market. I was happy with the bottom line and therefore, closed my short position.
Entry: 256.71 Average Exit: 245.68 Result: +4.490% of the Position