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Recently, cryptocurrencies have taken a bullish turn while the other financial markets have been closed. Thus, we can not confirm whether the uptrend is only a retracement or an inversion. However, in that tug of war, we have identified a commercial configuration that could turn into an opportunity for us.
Ethereum has formed an ascending triangle pattern that usually signals an uptrend, but at this point the market is in the overbought zone. The upper double scheme provides solid resistance at $ 163 ETH / USD the pair closed the dojams and candles of falling stars below the resistance level and we could see the sellers enter the market.
The most famous encryption pair could fall below the $ 163 level to complete the retracement close to $ 150 and $ 147. So, we also added the sell position to $ 156 with a stop loss above $ 160 and take profit of $ 149.
Let's see how it goes.
I wish you the best!
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