Symmetrical Triangle and bigger ascending triangle on 4H
ETH as most altcoins is heavily influenced by BTC, so everything here has to be taken with a grain of salt because if BTC moves, much of it could be moot.
Still, there is a clear symmetrical triangle on 4h here, which is also itself part of a bigger Ascending triangle on the same timeframe. It has been trying to break down over the past 12 hours and has been most likely saved by btc's rally. Would open a short if we have a good confirmation of breaking the lower line, since its part of both the symmetrical and the ascending triangles, so odds are good. Still, I believe that it is still to early to call on the ascending, and the symmetrical could break today or tomorrow at the latest, giving itself a good entry for a long up until 305ish, which is a nice profit per coin traded.
In case you decide to trade the symmetrical one and go long, have in mind that the 0.618 fib at 312 has proven itself strong and would definitely take some profit there, as there is sure to be, at the very least, a small retrace.
Still, there is a clear symmetrical triangle on 4h here, which is also itself part of a bigger Ascending triangle on the same timeframe. It has been trying to break down over the past 12 hours and has been most likely saved by btc's rally. Would open a short if we have a good confirmation of breaking the lower line, since its part of both the symmetrical and the ascending triangles, so odds are good. Still, I believe that it is still to early to call on the ascending, and the symmetrical could break today or tomorrow at the latest, giving itself a good entry for a long up until 305ish, which is a nice profit per coin traded.
In case you decide to trade the symmetrical one and go long, have in mind that the 0.618 fib at 312 has proven itself strong and would definitely take some profit there, as there is sure to be, at the very least, a small retrace.
Penafian
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