So after the ascending triangle breakdown we still have hope for a spectacular move up for ETH. If you zoom out to the weekly time frame you will notice that a GIANT cup and handle pattern has formed. We just experienced a classic 30% correction forming the handle portion.
Macro target for profit taking is just above $2K as this will be a quick move over the coming days, as I see a $450B-$470B market cap for Alts incoming. Of course we will have to monitor BTC just to make sure it doesn't spoil the fun; however I see BTC hitting $46-$47K over the next 4-5 days.
Remember this is only my formed analysis outlook. This is not an endorsement or recommendation to buy or sell.
Macro target for profit taking is just above $2K as this will be a quick move over the coming days, as I see a $450B-$470B market cap for Alts incoming. Of course we will have to monitor BTC just to make sure it doesn't spoil the fun; however I see BTC hitting $46-$47K over the next 4-5 days.
Remember this is only my formed analysis outlook. This is not an endorsement or recommendation to buy or sell.
Note
Here's an up close view of the handle portion. About a 32% drop from the local high down to the lowest Fib retracement level.
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Disclaimer
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.