ETHUSD: Ready to exit consolidation
Updated
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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