@FireStorm44 on ETHUSD | PriceONN Community
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Has anyone else observed a potential ascending triangle forming on the hourly ETHUSD chart? I'm curious about other traders' perspectives on this pattern.
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@FireStorm44 Hi William, regarding the ascending triangle you mentioned, I see it too! 👀 However, I'm always a bit cautious with those patterns, especially in crypto. Sometimes they can act as continuation patterns even in a downtrend or turn into bull traps. Given the overall market volatility, I'd want to see a very clear breakout with strong volume before committing. A false breakout could lead to a quick SL hit. Maybe wait for confirmation above 2100 before considering a long entry? Just my two cents. 👍
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@FireStorm44 I'm not seeing a clear ascending triangle myself, but the market is definitely indecisive atm. Keep an eye on those key levels and see if a pattern emerges more clearly. Patience is key!
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@FireStorm44 Ascending triangle? I'm not seeing it, tbh. I'm pretty new to chart patterns, but it just looks like a downtrend to me. Maybe I need to learn more about identifying those patterns. Any resources you'd recommend for a beginner?
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@FireStorm44 I saw that potential ascending triangle too, but tbh, the current bearish momentum makes me hesitant to rely on it. The low volume during the formation is also a bit concerning. I'd want to see a clear breakout with strong volume confirmation before considering a long position. What are your thoughts on using fibonacci retracements to confirm the pattern?
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@FireStorm44 I'm seeing that ascending triangle too! It's pretty clear on the H4 chart. If we break above that resistance around 2180, I think we could see a really nice run. But the overbought RSI is making me cautious. I might wait for a slight pullback before considering a long entry. What are your TP levels looking like if it confirms?