Bearish Breakout on 30 min Timeframe
On the 30-minute timeframe, a bearish breakout has occurred as both the triangle pattern and key support level have been broken. This development aligns with the prevailing bearish sentiment on higher timeframes, indicating potential further downside movement.
The breakout from the triangle pattern suggests a continuation of the bearish trend. Triangles are typically consolidation patterns that occur within a trend, indicating a temporary pause before the price resumes its previous direction. In this case, the triangle has been broken to the downside, reinforcing the bearish bias.
Furthermore, the breach of the support level adds weight to the bearish outlook. Support levels are significant price areas where buying pressure has historically outweighed selling pressure, causing the price to bounce higher. However, when support is broken, it often becomes resistance, and sellers gain control, potentially pushing the price further down.
The breakout from the triangle pattern suggests a continuation of the bearish trend. Triangles are typically consolidation patterns that occur within a trend, indicating a temporary pause before the price resumes its previous direction. In this case, the triangle has been broken to the downside, reinforcing the bearish bias.
Furthermore, the breach of the support level adds weight to the bearish outlook. Support levels are significant price areas where buying pressure has historically outweighed selling pressure, causing the price to bounce higher. However, when support is broken, it often becomes resistance, and sellers gain control, potentially pushing the price further down.
Comment:
ETH is ranging below the resistance at the moment. I am still holding with a small positive P&L at the moment... More updates to come
Comment:
ETH is going lower this morning after a retest of a previous resistance. Position still active
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