ETHUSD flipping key level from resistance to support.
Updated
Backstory
Ethereum has worked around the horizontal level at $350 for about 2.5 years. First beginning in June 2017 $350 provided resistance for an ascending triangle with the 20w as support. Second $350 provided support for the April 2018 pump where Ethereum doubled in value till hitting the 20w as resistance. Thirdly When $350 fell in august 2018 it was with dramatic effect. Since then Ethereum has completed a double bottom and is now mounting the $350.
Current set up
Ethereum is mounting the $350 level as support and it is doing such in a bullish rising wedge. Rising wedges normally break to the downside but my linked post will show I called TRXUSD breaking to the upside much like LinkUSD broke the upside in rising wedges. Those looking to enter under traditional trades would be finding entries on lower time frames or looking to buy dips to the 20W, 20M, or the current resistance of the wedge as it flips to support. If you split the wedge in half we get a trend line I hope ETHUSD will also mount as price action works its way up. This move should take 4-6 weeks to complete if I am correct.
Other Time frames
On the daily time frame we see a lot of hidden bullish divergence on the MACD and RSI as we hit support with makes me think that the 20D will flipp to support and the VSTOP and MTF VSTOP will flipp to support as we rise higher in the wedge.
On the monthly timeframe we have flipped the normal VSTOP and the MTF VSTOP is acting as resistance. I think we have the structure and momentum to break the MTF VSTOP in dramatic fashion as it was broke in 2016.
Ethereum has worked around the horizontal level at $350 for about 2.5 years. First beginning in June 2017 $350 provided resistance for an ascending triangle with the 20w as support. Second $350 provided support for the April 2018 pump where Ethereum doubled in value till hitting the 20w as resistance. Thirdly When $350 fell in august 2018 it was with dramatic effect. Since then Ethereum has completed a double bottom and is now mounting the $350.
Current set up
Ethereum is mounting the $350 level as support and it is doing such in a bullish rising wedge. Rising wedges normally break to the downside but my linked post will show I called TRXUSD breaking to the upside much like LinkUSD broke the upside in rising wedges. Those looking to enter under traditional trades would be finding entries on lower time frames or looking to buy dips to the 20W, 20M, or the current resistance of the wedge as it flips to support. If you split the wedge in half we get a trend line I hope ETHUSD will also mount as price action works its way up. This move should take 4-6 weeks to complete if I am correct.
Other Time frames
On the daily time frame we see a lot of hidden bullish divergence on the MACD and RSI as we hit support with makes me think that the 20D will flipp to support and the VSTOP and MTF VSTOP will flipp to support as we rise higher in the wedge.
On the monthly timeframe we have flipped the normal VSTOP and the MTF VSTOP is acting as resistance. I think we have the structure and momentum to break the MTF VSTOP in dramatic fashion as it was broke in 2016.
Trade closed manually
ETHUSD has slipped the wedge and is performing as if we should be expecting a large fall out of the wedge. There may be a higher low in this but I would rather close out here and re-enter later than hodl through the emotional drama
Note
We are getting pretty close to the target area. I'll continue to hold.
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