Textbook Bullish Continuation Pattern Playing Out on ETH/USD
This is a textbook bullish continuation pattern.
First a new local high is achieved (A).
Then a fairly deep correction occurs (B). In hindsight (B) always looks like a great time to buy, but remember, in the moment the pattern has not played out yet and it can be risky to try to scalp the bottom of a retracement.
Price consolidates on a slowly building upward trajectory (C) creating support as bullishness slowly overwhelms fear.
Bulls retest previous high and break through with enough momentum (D), carrying the price to the next resistance level. In the case of ETHUSD, the next resistance level is ~$1420, ETH's prior all time high from January 2018.
First a new local high is achieved (A).
Then a fairly deep correction occurs (B). In hindsight (B) always looks like a great time to buy, but remember, in the moment the pattern has not played out yet and it can be risky to try to scalp the bottom of a retracement.
Price consolidates on a slowly building upward trajectory (C) creating support as bullishness slowly overwhelms fear.
Bulls retest previous high and break through with enough momentum (D), carrying the price to the next resistance level. In the case of ETHUSD, the next resistance level is ~$1420, ETH's prior all time high from January 2018.