EthereumLong
ETH next to Break out
COIN ROTATION is like a WAVE:
The waves of funds continue to rotate from one coin to another.
First BTC shot to almost 8000 USD over the last weeks,then crashed
funds flowed into BCH, which rose 300% in a few days,
next, altcoins like DASH saw inflows and 50%+ climbs
ETH STILL SIMMERING:
But ETH sill hasn't seen it's break out moment. In fact, this consolidation range between two converging trend lines (an ascending triangle pattern) has lasted from June. But the trend lines are converging and price is coiling like a spring and we should see a resolution of this range one way or the other, and I am FIRMLY BULLISH on the outcome. We have an uptrending 200 day moving average and overall bullish volume. The RSI is also looking to push into a bullish range (above 50). Based on the weight of the evidence, I think we will see a very significant, large and rapid breakout out of this consolidation range.
TARGETS:
First target is the old highs at 400
Second target is the 161.8 Fibonacci retracement of this entire consolidation at 565. That would be a 50 - 75% increase from present levels.
THE PLAY
Long over a breakout of this short term consolidation range above 330
Stop below the short term consolidation range at 270.
Target: old highs 400 (take off 1/3 position)
Target 2: 161.8 Fib retracement 565 (take off rest of position)
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!! PM me with chart requests !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, support and resistance.
Successful trading means proper risk sizing and trading small so you can stay in the game.
The waves of funds continue to rotate from one coin to another.
First BTC shot to almost 8000 USD over the last weeks,then crashed
funds flowed into BCH, which rose 300% in a few days,
next, altcoins like DASH saw inflows and 50%+ climbs
ETH STILL SIMMERING:
But ETH sill hasn't seen it's break out moment. In fact, this consolidation range between two converging trend lines (an ascending triangle pattern) has lasted from June. But the trend lines are converging and price is coiling like a spring and we should see a resolution of this range one way or the other, and I am FIRMLY BULLISH on the outcome. We have an uptrending 200 day moving average and overall bullish volume. The RSI is also looking to push into a bullish range (above 50). Based on the weight of the evidence, I think we will see a very significant, large and rapid breakout out of this consolidation range.
TARGETS:
First target is the old highs at 400
Second target is the 161.8 Fibonacci retracement of this entire consolidation at 565. That would be a 50 - 75% increase from present levels.
THE PLAY
Long over a breakout of this short term consolidation range above 330
Stop below the short term consolidation range at 270.
Target: old highs 400 (take off 1/3 position)
Target 2: 161.8 Fib retracement 565 (take off rest of position)
---
!! PM me with chart requests !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, support and resistance.
Successful trading means proper risk sizing and trading small so you can stay in the game.
Support me with these referral links:
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
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.
Support me with these referral links:
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
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.