I was expecting a lot more sideways action to take place before ETH takes off but it seems overnight (for my time zone) we have formed a very nice ascending triangle on ETHUSD. Due to the early nature of this bull run you could basically enter any place you want if you want to be in for the rest of the year. But if you just have to day trade (and I have bit of that in me) you can play the ascending triangle, selling at resistance and getting back in after the next dip. If you are not playing with leverage I don't see the point, just hold. Of course, ascending triangles are only strongly biased to the upside, every so often they will break down but the market conditions are so fundamentally bullish I don't see that happening.
Note
Tweaked the chart as time goes on, as we often do. I still think the MACD will bounce off of zero and the RSI will continue to rise over time with higher lows. The Hull MACD is a tricky beast but it suggest a current upswing against the rising resistance of the ascending triangle.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.