You will also see circled in blue the 20 and 50ema are crossing but this isn't a strong indicator to use as we are only on the 1H chart.
If we look previously in the downward trend we have also had pullbacks that have created high highs and higher lows same as now in the purple circles. So this might only be exactly that however we need to be prepared otherwise.
Within this triangle we are consolidating for a move back down or a break out, however if we break high we have a solid trade on our hands.
Billions of dollars of bitcoin has been sold by traders while it's on the decline, once they get their USD back what do they do? They invest in the USD markets so we should see improvements here and increases on all USD markets. Right at the moment though we have seen a decline on ETHUSD but always drops off on consolidation periods as people don't have patience especially in crypto.
There is no risk in this trade as we don't have an entrance until we break high of the triangle if we break the low of the triangle we are going down.
If we break high targets are the green lines, I will be selling aggressive at these targets.
Now if your already holding ETH you can sell the low break of triangle if we see it, so short it and buy back later I can add these levels if we go this way.
This trade may still take a few hours to develop but I wanted you to have it now so you get the very best entry possible, rather then me post after it's broken out.
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