Ethereum Pennant Chart Pattern

Ethereum Pennant Chart Pattern

https://www.tradingview.com/chart/ETHUSDT/xgre9Q6I-Ethereum-Pennant-Chart-Pattern/

If we look at the 1H chart of Ethereum , we can see a pennant chart pattern. It belongs to continuation group of chart patterns. If the market breaks the support line of the pennant , we'll see downward movement to 270.00-260.00 levels at least. But the main trend is upward and the price still moves near 300.00 support level . There is a variant that this time the pennant chart pattern won't be realized as a continuation pattern. We must be ready to see a breakout above the resistance line with further upward movement. It will be buy opportunity. Pending orders should be placed at 310.00 with stop orders below 285.00 level. Profit target can be near at 335.00 level. Also, it's possible to open long trades at 310.00 and keep them for long run. If you invest just 5%-10% from your deposit, depending on how many markets you trade, it's possible to trade without stop orders. Just be ready to pass through the period of possible bearish market. If you don't want to face with possible drawdown, you should trade with stop orders only.