ETH/BTC: A Massive Breakout Opportunity
In this post, I'll explore a very obvious. breakout setup as demonstrated on Ethereum's chart on the Bitcoin pair.
This is not financial advice. This is for educational and entertainment purposes only. Trade at your own risk.
Before we begin, you can also check out my previous breakout trade on Uniswap (UNI):
Analysis
- To begin with, Ethereum has broken out of the long term descending trend lines that have served as strong resistance for the past few years
- There is strong resistance at 0.053btc, and 0.04btc. Breaking and closing above those levels would provide further confirmation
- We can see a huge reverse head and shoulders pattern form on the weekly.
- The volume continues to increase near the uptrend of the 'head', and at the 'right shoulder' confirming a bullish setup
Conclusion
Ethereum has been consolidating under all time high resistance on the dollar pair, making this another breakout setup that's relatively easy to spot.
This is not financial advice. This is for educational and entertainment purposes only. Trade at your own risk.
Before we begin, you can also check out my previous breakout trade on Uniswap (UNI):
Analysis
- To begin with, Ethereum has broken out of the long term descending trend lines that have served as strong resistance for the past few years
- There is strong resistance at 0.053btc, and 0.04btc. Breaking and closing above those levels would provide further confirmation
- We can see a huge reverse head and shoulders pattern form on the weekly.
- The volume continues to increase near the uptrend of the 'head', and at the 'right shoulder' confirming a bullish setup
Conclusion
Ethereum has been consolidating under all time high resistance on the dollar pair, making this another breakout setup that's relatively easy to spot.
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