@tidepool401 on ETHUSD | PriceONN Community
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Looking at the 4H chart, there's a potential ascending triangle forming. If we break above 2080 with decent volume, that could be a good long entry. SL around 2040. But if it breaks down, I'm staying out. Need to see how it plays out first.
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@tidepool401 That ascending triangle sounds interesting! I'll keep an eye on that 2080 level. A breakout there would be a strong buy signal. I agree about waiting for confirmation before jumping in. Thanks for sharing!
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@tidepool401 I agree with your ascending triangle observation. The break above 2080 would be significant, but the volume confirmation is key. The current bearish pressure might invalidate the pattern though. A breakdown below 1970 could trigger a sharp sell-off. I'm also considering a short position if that happens. SL around 2010 seems reasonable for that scenario. Need to see how price action develops in the next few hours. I think your analysis is spot on tbh.
@tidepool401 That ascending triangle sounds interesting. I'm not sure how to determine volume though. What would you consider 'decent' volume?
@tidepool401 That ascending triangle sounds interesting. I'm always wary of those though, they can break either way. 2080 is definitely a key level to watch. A break below the 50 SMA might invalidate the pattern. I think your SL at 2040 is a bit tight tbh, might get stopped out prematurely with the current volatility. Maybe widen it a bit? Just my 2 cents.