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#Ethereum (ETH/USD) Symmetrical Triangle. 3 weeks after crash

COINBASE:ETHUSD   Ethereum / U.S. Dollar
Symmetrical Triangle is seen 3 weeks after the price drop from $250.

Trading Setup
Bull Scenario:
Open limited position if the pair breaks out the triangle.
Add more position when price breakout every 2 resistances at $ 155 and $ 180.
Currently trading at the EMA (20) and EMA (50) 4-hr candles, a golden cross is seen, but might be a fake one.
The pair tend to consolidate between the symmetrical triangle, which is positive if the bulls can surge the price to break the triangle.

Bear Scenario:
The bears suppress the power of the bulls at $142 down to $134 in the last two candles, indicating aggressive bears.
Close any position if the pair breakdown the triangle.
If it is broken, huge negative.
Most likely will break the Support 1 at $118, but the bull will likely defend aggressively the Support-2 level at $104.
The volume transaction is declining to indicate decreasing power of the current trend
A similar symmetric triangle of the RSI trendline is seen.

Comments

Most ALT coins i'm following have this exact same price action and pattern formed. As usual, just watch BTC to see which way the alts will go out of this pattern.
Reply
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