Ethereum has broken out bullishly of the Ascending Triangle I talked about in my previous post linked to this chart, outlined in Blue on this chart.
Notice on the RSI a higher high creation breaking out of a descending channel to the upside, very nice.
KEY TAKEAWAYS
A descending channel is drawn by connecting the lower highs and lower lows of a security's price with parallel trendlines to show a downward trend.
Traders who believe a security is likely to remain within its descending channel can initiate trades when the price fluctuates within its channel trendline boundaries.
A more potent signal occurs with a breakout, which is when a security's price breaches an established channel's boundaries, either on the upper or lower side.
This chart is done on a log scale.
Notice on the RSI a higher high creation breaking out of a descending channel to the upside, very nice.
KEY TAKEAWAYS
A descending channel is drawn by connecting the lower highs and lower lows of a security's price with parallel trendlines to show a downward trend.
Traders who believe a security is likely to remain within its descending channel can initiate trades when the price fluctuates within its channel trendline boundaries.
A more potent signal occurs with a breakout, which is when a security's price breaches an established channel's boundaries, either on the upper or lower side.
This chart is done on a log scale.
