After the previous post of ETH, the Bulls broke out of the upward triangle and encountered the Bears near $4000 dollars causing the price to fall and forming a smaller version of the Cup n Handle.
This time not with an Ascending Triangle in the Handle *(as shown on the large cup n handle on the day chart)* but a Symmetric Triangle.
This makes it a little more exciting because the chance of falling or rising is the same.
You can also see that the EMA lines are pinched at the 4 O'Clock, something is brewing.
Should the Bears break out lower and the Bulls lose the $3300 zone, the first decline is likely to be towards $3150.
If the Bulls take control again and break out upwards, the attack is aimed at the $3670.
Given that the price target is planned above the resistance, this would be a nice one to re-test and to continue towards $4000 ~ 4200. But well, in the next 24 hours there will probably be more clarity.
Keep calm, trade safe and manage your risk.
*(Disclaimer: this is not financial advice)*
This time not with an Ascending Triangle in the Handle *(as shown on the large cup n handle on the day chart)* but a Symmetric Triangle.
This makes it a little more exciting because the chance of falling or rising is the same.
You can also see that the EMA lines are pinched at the 4 O'Clock, something is brewing.
Should the Bears break out lower and the Bulls lose the $3300 zone, the first decline is likely to be towards $3150.
If the Bulls take control again and break out upwards, the attack is aimed at the $3670.
Given that the price target is planned above the resistance, this would be a nice one to re-test and to continue towards $4000 ~ 4200. But well, in the next 24 hours there will probably be more clarity.
Keep calm, trade safe and manage your risk.
*(Disclaimer: this is not financial advice)*
Tims.Technische.Analyse by TIMTIBBO
