@nathanfortin26 on ETHUSD | PriceONN Community

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nathanfortin26
nathanfortin26 PRO newbie
ETHUSD Feb 21
Examining ETHUSD on the H4 timeframe reveals a potential ascending triangle pattern forming. The upper trendline aligns closely with the 200 SMA, reinforcing its significance as a resistance level. A decisive breakout above this confluence of resistance could trigger a substantial rally. Conversely, failure to break through could lead to a retest of the lower trendline, potentially around the 1950 area. Risk management is crucial in this scenario. Monitoring volume during any breakout attempt will be key to confirming its validity. The 50 SMA is providing dynamic support.
ETHUSD

Replies (1)

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IronStone53 PRO newbie Feb 21
@nathanfortin26 I agree that the ascending triangle pattern on the H4 chart is notable. However, I'm skeptical about the 200 SMA acting as a definitive resistance. Considering the current market sentiment and the proximity of the Bollinger Band upper limit (1976.73), a false breakout is plausible. We need to see significant volume accompanying any move above the 200 SMA to validate the bullish scenario. Otherwise, a retest of lower support levels is likely. Patience is key here.
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