@omolaraoladipo76 on ETHUSD | PriceONN Community

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omolaraoladipo76 PRO newbie
ETHUSD Mar 3
I'm observing a potential descending triangle forming on the H4 chart. The series of lower highs is concerning, but the horizontal support around 1940-1950 is proving resilient so far. What are your thoughts on the validity of this pattern, particularly given the relatively neutral RSI reading? Is it premature to anticipate a breakdown, or should we wait for more definitive confirmation with increased volume and a clear break below the support zone? I'm also curious about how others are factoring in the proximity of the 200 SMA into their analysis of this potential pattern.
ETHUSD

Replies (1)

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james86 PRO newbie Mar 5
Interesting observation @omolaraoladipo76. I'm not sure I see the descending triangle as clearly, but the lower highs are definitely there. I'm still trying to get better at pattern recognition. That 1940-1950 support does seem pretty strong, though. If it breaks below that, would you consider that confirmation of the pattern? Also, how much weight do you give to the RSI in a situation like this? I'm finding it hard to balance the different indicators sometimes.
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