Not minding the price drop, the price chart still gives a positive signal.
On the daily time frame, the price of ETHUSD has continued to hold on to it's move to the upside after breaking out of the ASCENDING TRIANGLE CHART PATTERN.
The psychological support level which initially was the major resistance level price found it is hard to breakout from is now the new support level.
The BULLISH PENNANT FLAG PATTERN has been spotted on the daily time frame, price has made two valleys and two peaks(the second peak was as a result of the indecision candle stick pattern).
The flag of this pennant has more open spaces inside it, which makes it a LOOSE PENNANT FLAG PATTERN. The Volume trend downward 89% of the time before a breakout will take place( this also place an important role)
We still advise all traders to wait for a valid breakout before going.
LONG:
Buy: $177
Sell:$187 up to $224
Stop loss:$156
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
On the daily time frame, the price of ETHUSD has continued to hold on to it's move to the upside after breaking out of the ASCENDING TRIANGLE CHART PATTERN.
The psychological support level which initially was the major resistance level price found it is hard to breakout from is now the new support level.
The BULLISH PENNANT FLAG PATTERN has been spotted on the daily time frame, price has made two valleys and two peaks(the second peak was as a result of the indecision candle stick pattern).
The flag of this pennant has more open spaces inside it, which makes it a LOOSE PENNANT FLAG PATTERN. The Volume trend downward 89% of the time before a breakout will take place( this also place an important role)
We still advise all traders to wait for a valid breakout before going.
LONG:
Buy: $177
Sell:$187 up to $224
Stop loss:$156
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.