ETH/EUR Short term diamond reversal and breakout identified (4H)
Price is looking likely to break out to the upside of this diamond pattern due to the recent bounces from 100 EUR, the high success ratio of this pattern, as well as a buy signal on the stochastic RSI on the 1D chart. If this happens, price is likely to hit the upper trend line of the larger triangle at the 0.5 fib retracement level from the previous break from 183 EUR - thus giving about +15%.
If a downwards breakout happens price is likely to retest 100 EUR. For an aggressive set up the stop loss could be placed just below this. Otherwise I have a stop loss just under the bottom trend line of the diamond giving a nice 4.26 risk/reward.
It's worth noting the ascending RSI triangle on the 1D chart - it looks like a much bigger break is on the way. This could line up with a break of the larger triangle but it's difficult to say which way that would go at this point.
If a downwards breakout happens price is likely to retest 100 EUR. For an aggressive set up the stop loss could be placed just below this. Otherwise I have a stop loss just under the bottom trend line of the diamond giving a nice 4.26 risk/reward.
It's worth noting the ascending RSI triangle on the 1D chart - it looks like a much bigger break is on the way. This could line up with a break of the larger triangle but it's difficult to say which way that would go at this point.
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