ETBTC Contr. triangle + min criteria for an upward penetration

Contracting triangle in the position of a corrective structure. Leg E should outline the last lower right point in a triangle so decline should be limited in this case and at worst tease us with a bounce off 0.02577 area. 0.02577 being a safe floor in my estimation, might be retested and, if defended, will signal the upward impulse and consequent triangle breakout. Watch 0.0322 area, bulls might be hammered here before regrouping and continuing the impulse push in the direction of a trend. Trend line and channel line are the extreme bounds of a slopping downward channel.

Kommentera:

Keeping the longs. NYT article, growing arsenal of dapps and solidity being available in visual studio is a win-win scenario.

Trade stängt manuellt:

Covered the longs. Downtrend has started in eth.

Kommentera:

After a temporary decline, bears bailed. Channel line support reached. Watch the channel median line, natural resistance will be setting up there. Possibly it will be short-term breached on the upside with the help of a solid bearish pin bar.
PF1: 0.0265
PF2: 0.028