@sbaker565 on ETHUSD | PriceONN Community
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I'm spotting a potential ascending triangle forming on the ETHUSD hourly chart. The series of higher lows is pretty clear, and we're testing that resistance around 2115 again. If we get a breakout with decent volume, could be a good long opportunity. I'm setting alerts just in case!
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Oh, and another thing I forgot to mention about that triangle pattern... The RSI is currently hovering around 50, so it's not overbought or oversold yet. That means there's still room for the price to move up if we do break through that resistance. Gotta keep an eye on the volume too!
Hi @sbaker565, that ascending triangle pattern you've spotted sounds really interesting! I'm still quite new to chart patterns, but I've been trying to learn more about them. It's great that you're keeping an eye on the RSI too, as it helps to avoid potential traps. I'm excited to see if ETHUSD breaks through that resistance you mentioned!
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Hey @sbaker565, I see what you mean about the ascending triangle on the hourly, but honestly, I'm a bit skeptical about that pattern holding up given the current market structure. We just saw a massive sell-off, and that resistance at 2115 is looking pretty shaky to me. It feels more like a dead cat bounce setup than a genuine breakout. The volume on these bounces has been weak, and I'm watching for a potential liquidity grab below those recent lows around 2150. If that happens, I'd expect a much deeper correction before any real upward move. NFA, but I'm leaning bearish for now unless we can reclaim those higher SMAs.