Breakout in Play
From the last update a week ago price was approaching the end of consolidation inside the triangle. On Tuesday we then saw price 'Fake Out' to the upside triggering buy orders as well as taking out any stop losses above the triangle. Price consolidated above the zone for 2 days enticing even more buyers to go long. A sharp reversal then came on Thursday which saw prices drop back into the triangle and proceeded lower with a breakout to the downside. If the June low is taken out we expect the next target to be around the 1000 area which is a psychological number. As for pullbacks and opportunities to ride the trend, history shows that during trends, Etherium, just like Bitcoin usually offers shallow to no pullbacks on the high timeframes therefore looking at lower timeframes such as the M5, M15 on M30 may offer opportunities to capitalize on the move.
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