ETH/USD 4hr Descending Triangle - Continuation
Standard descending triangle forming, and a clean break downward would mean selloff continuation. Enter breakout trade shorting at $270, distance between upper and lower trendlines is about $60, so take profit would be $210.
Other patterns that can be drawn include bearish flag or bearish pennant. These theories use the length of the flagpole to establish take profit level, which is about $450 - $300 = $150. Thus, entering another breakout at $270 would entail take profit at a very low $120.
Thoughts?
Other patterns that can be drawn include bearish flag or bearish pennant. These theories use the length of the flagpole to establish take profit level, which is about $450 - $300 = $150. Thus, entering another breakout at $270 would entail take profit at a very low $120.
Thoughts?
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