ETHUSD | 3D | Ethereum and The Triangle of Doom

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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.

٢٢ يناير ٢٠٢٢

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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.

٢٢ يناير ٢٠٢٢

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٢٢ يناير ٢٠٢٢

ملاحظة

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....