ETH possible breakout: Evening Doji Star on 4HR
Wick-to-wick, ETH broke out of a sideways pennant after an Evening Doji Star gave the trading range.
Important notes: Evening Doji Star & Pennants
Closest thing to probably get to an EDS on the 4hr timeframe. The close of the Doji is 5 cents below the close of the bullish candle (a strict definition would make this invalid however 5 cents is 0.03% of the bullish candle's closing price, I'd say close enough), and the close of the bearish candle ($185.66) is below halfway open-to-close of the bullish candle ($186.65). A bullish breakout on an Evening Doji Star averages a 6.20% up (usually on larger time frames like daily, and over 10 days [see resources above]) which places the price from the open of the breakout candle at $200.09 (hmmmm). RSI and MACD could flash bearish divergence, possibly high-risk in short-term, MACD is crossed bullish on weekly chart. The pennant was also accompanied by decreasing volume. I'm leaning slightly bullish, but still weary of a fakeout (hence the neutral investment strategy).
Open of breakout candle: $188.41
Target: $200
Secondary Target: $206 (top of channel ETH has been trading in since Mid-march)
SL: $185.97 (I usually trade by Heiken Ashi rules, placing stop loss at the wick of the previous candle [I know I could get REKT because crypto, don't yell at me, I know the risks])
Full Disclaimer: This is not financial advice. I am still a novice at trading and I have begun to take the time to learn candlestick patterns and general TA/drawings. My go to for trading used to be indicators however I've been burnt many times relying on this so I've decided to further my understanding of the markets. I understand cryptocurrencies are going to play a major part of the future of finance, and I am currently a senior in college for a BS in Computer Science (I don't think crypto cares about that though).
Important notes: Evening Doji Star & Pennants
Closest thing to probably get to an EDS on the 4hr timeframe. The close of the Doji is 5 cents below the close of the bullish candle (a strict definition would make this invalid however 5 cents is 0.03% of the bullish candle's closing price, I'd say close enough), and the close of the bearish candle ($185.66) is below halfway open-to-close of the bullish candle ($186.65). A bullish breakout on an Evening Doji Star averages a 6.20% up (usually on larger time frames like daily, and over 10 days [see resources above]) which places the price from the open of the breakout candle at $200.09 (hmmmm). RSI and MACD could flash bearish divergence, possibly high-risk in short-term, MACD is crossed bullish on weekly chart. The pennant was also accompanied by decreasing volume. I'm leaning slightly bullish, but still weary of a fakeout (hence the neutral investment strategy).
Open of breakout candle: $188.41
Target: $200
Secondary Target: $206 (top of channel ETH has been trading in since Mid-march)
SL: $185.97 (I usually trade by Heiken Ashi rules, placing stop loss at the wick of the previous candle [I know I could get REKT because crypto, don't yell at me, I know the risks])
Full Disclaimer: This is not financial advice. I am still a novice at trading and I have begun to take the time to learn candlestick patterns and general TA/drawings. My go to for trading used to be indicators however I've been burnt many times relying on this so I've decided to further my understanding of the markets. I understand cryptocurrencies are going to play a major part of the future of finance, and I am currently a senior in college for a BS in Computer Science (I don't think crypto cares about that though).
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