ETH price Tuesday (June 12th): Waiting for a bullish breakout?

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If the ETH price can successfully break above the triangle pattern, level of $570 is the next stop


ETH coinmarketcap 12062018

According to chart H1, it is possible for the Ascending Triangle pattern to be formed within ETH/USD price chart after a steep and wild bearish trend. Usually with this pattern, there is a likelihood of the ETH price breaking through the upper trend line of the pattern and move upwards to the level of $570 after the cryptocurrency can break out of the pattern. However, there are chances that the price will dump to the low level of $500 so as to shape the Triple Bottom pattern before a recovery can take place. Yet, in the case that the price can tumble lower than the key level of $500, the downwards movement after the Ascending Triangle pattern is likely to be confirmed. Therefore, we should wait for the breakout signals to set the correct position.

Trade Suggestion

Buy Limit at $538. Take Profit at 570. Stop Loss at $510.

Written by nami.today

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