Signal Type : Short
Coin Name :
$ETH The chart shows Ethereum has just broken out of a Rising Wedge pattern. In technical analysis, a rising wedge is typically a bearish reversal pattern.
As you can see, the price broke below the bottom support line of the wedge and is currently attempting a retest the small green arrow pointing up before the big drop. This is a textbook "Short" opportunity where the previous support now acts as resistance. The red box represents the risk Stop Loss and the large green box represents the potential reward Profit.
The RSI is at 48.34 and heading downwards, confirming that bearish momentum is picking up. If ETH fails to climb back inside the blue lines quickly, we are likely looking at a sharp drop toward the $2,140 level.
ENTRY PRICE : $2,345 – $2,370
TP 1 : $2,250
TP 2 : $2,180
TP 3: $2,140
SL : $2,410 - $2,435
Remember: If the price hits TP 1, move your Stop Loss to your entry price to ensure a "risk-free" ride for the rest of the move!
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