The cryptocurrency market has maintained a short-term bearish trend, pushing up the prices of Bitcoin and Etherium after a huge Q1 2021 rally. But it is not clear whether the bull market has officially ended, or whether a bounce could turn into a bigger recovery.
An ascending triangle pattern and long-term trend line could provide an indication of what might happen, and it would match a pattern of the last cycle that led Ether to the top of its bull market.
Etherium fractal which can climb bull run
Ethereum’s recent local peak returned about $ 4,400 in April, probably not at the top of the bull cycle, according to a potential bullish structure, which supports every lower support.
Although the ETHUSD trading pair is rather bearish and the sentiment is in extreme fear, Altcoin is setting a high low over the daily time frame and is more than $ 1,000 compared to the stability just a few months ago.
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The high low and rising support structure, closed several times by the same resistance level, may have drawn an ascending triangle pattern on the trading pair একটি a chart pattern that almost matches a mid-cycle repositioning during the last bull.
আরোহী ত্রিভুজ প্যাটার্ন কি গতবারের মতো একই ফলাফল দেবে? | সূত্র: TradingView.com এ ETHUSD
All about the ascending triangle pattern
A ce ascending triangle is a bullish chart pattern that may appear at the midpoint of a trend as a reversal below a trend or as a continuation pattern. When these bullish patterns change, the fake out can be fatal.
But if support is held and resistance is accepted, a big step in the opposite direction occurs. An ascending triangle pattern that kept Bitcoin below the beer market, and this was the last pattern of crypto traders before Ethereum rose from $ 380 to $ 1,400.
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বি 380 remains a key resistance level across the beer market, and a re-examination of the level shows that cryptocurrency has been flying at, 4,400 in recent times. Based on the measurements, the target of this structure will be around 10,000 10,000 per ETH, but another tap of the trend line that created the last peak has added another ,000 4,000 to that target.
But all of this is predicted on holding a downward trend line, and a final break in resistance. Without confirmation, the pattern will become invalid, which can instead be much steeper.
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Featured image from iStockPhoto, Charts from TradingView.com