ETH Moment of Truth
Updated
There is a classic Descending Triangle that has formed. Descending triangles usually break down instead of up. However, crypto is the wild west and anything goes in this space.
So what I'm seeing is a potential for ETH to break out of the triangle because price is right on the 61 fib level. Looking at the ichimoku cloud, i see a potential kumo twist breakout opportunity, which even more makes me lean towards breakout. Lastly, RSI shows that we are oversold, and looking to gain momentum to the upside now.
Fundamentally, i think ETH benefits from all the hard fork stuff going on with bitcoin because some ppl might move their money to ETH, in addition ethereum is updating to metropolis soon moving it closer to implementing proof of stake. All this good news may help eth out against bitcoin.
So what I'm seeing is a potential for ETH to break out of the triangle because price is right on the 61 fib level. Looking at the ichimoku cloud, i see a potential kumo twist breakout opportunity, which even more makes me lean towards breakout. Lastly, RSI shows that we are oversold, and looking to gain momentum to the upside now.
Fundamentally, i think ETH benefits from all the hard fork stuff going on with bitcoin because some ppl might move their money to ETH, in addition ethereum is updating to metropolis soon moving it closer to implementing proof of stake. All this good news may help eth out against bitcoin.
Trade active
Looks like ETH broke down. Target is at 78% fib level = 0.044 BTC. Seems like everyone sold like a mofo to get some BTC before the forks.
Note
Still on track for 78% fib. Expect a bounce at that level. Perhaps, a good long entry.
Trade closed: target reached
We hit the 78 fib. Now expect a bounce here. This is a good time to accumulate some eth, even if it goes down a little more.
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