ETHUSD | 3D | Ethereum and The Triangle of Doom

21 Jan 2022

Until the S&P 500 decides which way it will go, ETHUSD will likely oscillate in a trading range within this triangle.

I would not go long on the daily or longer TF until it breaks above it and has confirmation via a retest.

When in doubt: look to the S&P for guidance. Highly-correlated.

I don't see below $1700ish and next major significant low to break through is in the mid-$2400s.
A low below that and next week might bring us to the $1700 range.

Sorry for the sloppiness, I cannot seem to grok T/V's idea publishing system.

22 Jan 2022

Catatan

Scalped a long on the significant m15 bear candle and subsequent reversal ($2400-$2500) (ingress was around $2480 and t/p around $2510.

Was eyeing the following for a pattern trade on the I H+S but it looks a lot less promising now.

Expecting choppy range trading in the triangle of the original chart possibly back up to $2600 (+?) before falling down toward $2000 - $2300 range and likely retesting the $1700 support next week if the equity markets continue their drawdown.

22 Jan 2022

Catatan

22 Jan 2022

Catatan

Inverse Head and Shoulder just evolved into Head and Shoulders.

This is a good reason to wait for a breakout before placing a trade.

At an intersection right now in the very short-term trend-kind-of-way and this looks like it wants to continue dowwwwwwwn....