Ethereum has been in sideways consolidation for the last couple of months, with Bollinger Bands on multiple time-frames such as 2h, 4h, 6h, 12h and 1D now squeezed tight. Already there have been a number of attempted break-outs of the smaller triangle the price currently trades within.
I will be looking to buy once price breaks past the dotted yellow trend line + the 78.6 fib level. This provides a low entry entry point and a possible chance to reload new longs if we retest that resistance turned support later on.
When the price is able to successfully break out of the ascending triangle top at $400-420, it can easily double in price and potentially go further.
I will be looking to buy once price breaks past the dotted yellow trend line + the 78.6 fib level. This provides a low entry entry point and a possible chance to reload new longs if we retest that resistance turned support later on.
When the price is able to successfully break out of the ascending triangle top at $400-420, it can easily double in price and potentially go further.
Trade active
Note
ETHUSD going as planned.Trade closed: target reached
Partially took profit.
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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.