ETH Chart Looks Ridiculously Bullish

ETH is on the verge of breaking out of the bull flag it made yesterday. Moreover, it's currently making a smaller bull flag right under the top it needs to break through.

It's there anything more to this chart? It can't actually be this easy to call, can it? Am I missing something?

ETH, like altcoins generally, has just been beaten so far into the ground so much faster than BTC that there's just a lot of room to go up.

I'm an amateur and you definitely shouldn't take anything I say as financial advice. I would love any feedback.

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ETHBTC has TTC Squeeze flagging at 15m and 5m right now.

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Probably worth adding here - I realize that there are several much better traders all writing negative headlines about how bad ETH looks... but they're judging relative to where it was before. It's lost 2/3 of its value. At this point, completing the larger bull flag is a 20% price increase that could happen quickly. ETH, like BTC, has leveraged trading available.

I think the only way you look at ETH right now and call it bearish is to miss the forest for the trees. We live in the world now where ETH trades for 550, not 1400. It can complete the bull flag and get nowhere else and that's *still* a big deal when your starting point is 550 rather than 1400.

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Probably also worth saying that this bull flag's target lines up perfectly for a possible inverse head and shoulders to form.

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Another thing to add - previous daily candle completed as a hanging man.

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ETH now clearly climbing versus BTC on the 5m. On the 15m, TTM squeeze is flickering but it's getting there.

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Well, this seems to have gone pear-shaped when BTC dropped. We went down through the smaller bull flag and are now testing the upward channel.

It is as it ever was with altcoins: they're still acting like BTC with some fluctuating multiplier. If BTC starts pushing back up, this will look great again as will test the flag top. If it doesn't, then it's a long way back down.

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Now that it looks like BTC isn't going to break out, ETH is just flagging down like a rock to the bottom of the bull flag.

Fortunately, that's an easy trade in the other direction.

If we stay inside the bull flag, I could still see this channeling its way back up in the next few days, but I wouldn't want to do anything other than sell the tops at this point until we see it do actually do something like that.

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I wake up, find that BTC rallied, and ETH indeed channeled all the way up and out of the bull flag. It dithered a little bit and then on continued strength of BTC there was some high volume spikes on the lower timepoint charts to push it up to 565. Shorter term charts pushing into overbought to go higher right now, still no bearish divergence though.

We're getting close to a break point for BTC where it's going to retrace down or we're going to start blowing through major resistances suggesting the correction is over. I'm inclined to say that we're more likely to go down before going up, or just go down and down more over the next few days. ETH's bull flag targets 660, which puts it right below some of the longer-term major resistance lines

acatwithcharts

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