This symmetrical triangle pattern has a take profit of $120. Breakout occurred when price converged and then descended from the $205 area. Take profit is calculated by using the height of the triangle. So $255 - $170 = $85. Breakout from $205 means $205 - $85 = $120.
Aside from the above, Ethereum just broke through the 2018 low of $167. It is in no-man's land now... literally nothing stopping this from falling much further. Price will likely strike through $120 and then consolidate around $120, just as it did around $225 the last time this triangle pattern occurred.
Still around a 1.25:1 risk/reward in taking this trade now, although it would be a pretty late entry. The last Tether related buy-up made me back off of making ETH charts because it threw my timing off on every single chart I posted (about a 1 month delay in price movement, it just went stale), even though the direction and price levels were all correct. Now that seems to be sorted out, so here's another chart.
Aside from the above, Ethereum just broke through the 2018 low of $167. It is in no-man's land now... literally nothing stopping this from falling much further. Price will likely strike through $120 and then consolidate around $120, just as it did around $225 the last time this triangle pattern occurred.
Still around a 1.25:1 risk/reward in taking this trade now, although it would be a pretty late entry. The last Tether related buy-up made me back off of making ETH charts because it threw my timing off on every single chart I posted (about a 1 month delay in price movement, it just went stale), even though the direction and price levels were all correct. Now that seems to be sorted out, so here's another chart.
Comment:
$120 level hit
Trade closed: target reached
Comment:
10-2-0