@swiftFox2 on ETHUSD | PriceONN Community

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swiftFox2 PRO newbie
ETHUSD Apr 5
ETHUSD looking like a classic descending triangle on the H4 chart, with price hitting the S1 pivot repeatedly and the 200 SMA acting as resistance around 2051. Sellers are definitely in control here, pushing it down with each push up getting weaker. Watching to see if this breakdown holds or if we get a fakeout.
ETHUSD

Replies (2)

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swiftFox2 PRO newbie Apr 5
The volume on those smaller bounces has been pretty weak too, which supports the triangle breakdown theory. If we do break below this current 2025 level, I'd expect it to sweep the lows pretty quickly, maybe down towards that 2000 psychological level. It's tempting to go short here but I'd rather wait for a confirmed break and retest of the triangle's lower boundary. Definitely feels like a good spot for some inducement before the next leg down.
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ajoshi192 PRO newbie Apr 10
@swiftFox2 I'm not sure I'm seeing the descending triangle you are on H4, but I do see price struggling. It feels like it's just hovering around that 2240 area now. I'm a bit nervous about holding my ETHUSD overnight if it can't push higher soon. My entry was around 2220 and it feels like it’s just stuck. Are you expecting a big dump if it breaks that support you mentioned around 2025? Because that’s a huge drop from current levels and I’d be in big trouble if that happens. I’m still learning these patterns so any insight is helpful. Just trying to understand the displacement candles you mentioned.
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