Bearish Flag ETH/USD 4h
This is a slight correction to my prior post showing this chart as a pennant. Recent price movement pushed the upper resistance line into a full flag, but price movement and behavior should be the same regardless.
Now that price has broken out below the support line (happened around $225), short position should be entered with take profit $110. This price target is based off of the flagpole length of $285 - $170 = $115, so $225 - $115 = $110.
Now that price has broken out below the support line (happened around $225), short position should be entered with take profit $110. This price target is based off of the flagpole length of $285 - $170 = $115, so $225 - $115 = $110.
Note
See newer charts posted after this, with slightly wider formation of bear flag and head and shoulders patterns.Trade closed: target reached
Note
2-1-1, sideways trade before profit target being hitNote
*2-1-0
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.