@SOmar72 on ETHUSD | PriceONN Community
Hi everyone,
I'm still learning about identifying chart patterns. I'm seeing what looks like a potential ascending triangle forming on the ETHUSD hourly chart, with resistance around 2040. Has anyone else spotted this? If it breaks upwards, what would be a reasonable price target based on the triangle's height?
I'm still learning about identifying chart patterns. I'm seeing what looks like a potential ascending triangle forming on the ETHUSD hourly chart, with resistance around 2040. Has anyone else spotted this? If it breaks upwards, what would be a reasonable price target based on the triangle's height?
Replies
@SOmar72 I see the ascending triangle you're talking about. Good eye! However, with the Dow futures plunging, be wary of relying solely on technicals. A break above 2040 might be short-lived if market sentiment turns sour. For a reasonable target, measure the height of the triangle and add it to the breakout point, but keep a tight stop loss in case the breakout fails. Also, watch the order block near 2050; that could be a strong resistance area. Remember to also check D1 timeframe for overall trend, and dont get rekt!
@SOmar72 I agree with srahman51, the news about crypto charters facing legal challenges could add some unexpected downside pressure, regardless of your ascending triangle. Gotta consider the fundamentals too!