Ethereum showcase a pattern identified on 3days chart know as , this formed immediately after the previous achieved peak.
Below you can find basic principle of the pattern:
This type of pattern appears during the correction in a movement, it is a continuation pattern. Resumption of the movement after correction.
The break in the resistance line definitively validates the pattern.( Resistance shown in yellow and its break)
The price objective is given by plotting the wedge’s maximum height onto the breaking point
NB: pullbacks are harmful to the pattern’s performance.( No pull back yet which making the trend stronger)
Statistics of the after a movement
- In 79% of cases, the exit is .
- In 23% of cases, a occurs in a consolidation movement.
- In 81% of cases, the pattern's price objective is achieved when the resistance line is broken.
- In 40% of cases, the price makes a pullback in support on the descending broadening wedge’s resistance line.
Remember, this is not 60minutes chart so do not expect the move to happen immediately but bear it in mind where the Ethereum is heading to over the year.
Be on the watch out for my updates on where to join and what to do as market develops.
Kindly go through the chart and do leave your comments about the expressed view.
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