ETHEREUM CLOSE TO THE APEX FOR A BREAKOUT / BREAKDOWN
ETHEREUM Trading inside a symmetrical triangle,
This can of course most likely be a breakout to the upside and a continuation of the previous trend once we pull back into the area I have Highlighted on the chart .
I have marked this region because of 3 strong areas of confluence ..The POC or fixed range profile , fib pull from July Low to High , which aligns perfectly with our POC and the 50 EMA.
The pattern contains at least two lower highs and two higher lows, When these points are connected, the lines converge as they are extended and the symmetrical triangle takes shape.
The future direction of the breakout can only be determined after the break has occurred.
A break should be on a closing basis for it to be considered valid.
After the breakout (up or down), the apex can turn into future support or resistance.
The price sometimes returns to the apex or a support/resistance level around the breakout before resuming in the direction of the breakout.
Whatever trade you take ensure to use a SL and know your invalidation .
Make a plan and stick to it and always know in advance where you are wrong .
Support my work with a follow Like or a constructive comment .
This can of course most likely be a breakout to the upside and a continuation of the previous trend once we pull back into the area I have Highlighted on the chart .
I have marked this region because of 3 strong areas of confluence ..The POC or fixed range profile , fib pull from July Low to High , which aligns perfectly with our POC and the 50 EMA.
The pattern contains at least two lower highs and two higher lows, When these points are connected, the lines converge as they are extended and the symmetrical triangle takes shape.
The future direction of the breakout can only be determined after the break has occurred.
A break should be on a closing basis for it to be considered valid.
After the breakout (up or down), the apex can turn into future support or resistance.
The price sometimes returns to the apex or a support/resistance level around the breakout before resuming in the direction of the breakout.
Whatever trade you take ensure to use a SL and know your invalidation .
Make a plan and stick to it and always know in advance where you are wrong .
Support my work with a follow Like or a constructive comment .
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