ETHUSD - This Formation Can Convert Into A Healthy Breakout!

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Hi my friends, welcome to this analysis about ETHEREUM, I detected some really interesting signs in the ETHEREUM-chart which are important to mention today if you didn't saw already my last analysis about cryptocurrency I recommend to you that you go on my account and check them out. Now what does the chart say to us? There are several good signs at the 4-hour chart which indicating a possible bullish breakout to the upside.

What is exciting on the chart now is that this is an original textbook formation, namely a symmetrical triangle, which has a good volatile and momentum-rich outcome when confirmed. The symmetrical triangle can explode in either the bullish or bearish direction but the normal break-out of the symmetrical triangle is in the direction which it came from. In this case, it is the bullish direction, because we had a bullish up-trend before the symmetrical triangle formed.

Now I am expecting a decline in the short-term and after ETHUSD touched the lower line of the triangle we will get healthy support there as you can see it marked in my chart with the black arrows. Otherwise, when we fail to establish support in this area it is possible for ETHUSD when it fails the lower line of the triangle to touch the support region at the 120 USD level, this can either be a fake-break-out of the triangle or a break-out to the downside, what is important in this scenario is the volume with which the breakdown occurred, when the volume is huge we can expect that it was a confirmed breakdown otherwise it can be as described a fake-break-down as described.

But this is not the likely scenario because the most symmetrical triangles break into the direction in which they came from in this case it is the upside my friends. So what can we expect after the breakout? First, the breakout is fully confirmed when it happens with good volume and momentum, in this case, these confirmation-signals will signal the continuation to the upside. When the triangle confirmed we can expect that ETHEREUM aims the 170 USD level, which should be a good profit when traded. Also, we have a date when the triangle confirmed, it is the fourth of April, so on this date, we will have a definite outcome of the triangle my friends.
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The motivation to transform opportunitys into gold remains the most significant tool for a trader.

I hope everybody found this analysis profit full, may all luck and happiness come to you and of course good trading profit. ;)
Thanks for your support, my friends.
FAREWELL

Information is only educational and should not used to be for taking action in the markets.
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ETHEREUM close to Resistance Zone

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