As most prices start reversing, ETHUSD chart also showing similar chart pattern.
First of all on the daily time frame, a descending channel is very obvious as the move greatly been respected by minimum of 3 diagonal resistance and support levels with a pull back down to touch the initial pennant flag pattern that made ETHUSD to see a new rise in price.
As the oscilator indicates the price is fully oversold and currently breaking out. if the breakout is held strongly, price will breakout out of the channel and find its way back to the 0.5fib retracement levels before price will continue.
Secondly, on the 1hour chart time frame, a pattern called EXTENDED V BOTTOM.
V bottoms is a chart patterns that is easy to spot after it has been completed. it appear just like its names suggest.
The extended V bottom is a variation on the V bottom. After price reverses at the bottom, price forms a flag or pennant pattern – a sideways price move that often swings downward against the prevailing upward price trend. Once the flag completes, price resumes the rise.
After the reversal, price pierces a down-sloping trendline drawn along the price tops, confirming the trend change. As volume continue to decrease, price will consolidates more before the expected target will be reached.
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