Was looking at the weekly chart for ETHUSD and noticed that is the price keeps moving upwards to the 360 region, a cup pattern may form.
Its a very long-term pattern and many things have to happen for it to play out:
a) Price must already have seen the bottom at $116+
b) Price must keep trending upwards and get a minor rejection at $360+ level.
c) The correction must only be max up to around $280 (1/3 of the cup from the top).
d) The price must trend upwards and breakout at $363 with at least 2 daily candles above this price point. Possible stop loss below this area especially if you are already in profit.
e) The price will continue to uptrend and reach target of $610 around mid 2021.
Furthermore, ETHUSD EMA50 and MA100 on daily chart is now at a critical point. A bullish cross here would mean a long-term uptrend. Check out ETHUSD chart and you will find that historically these moving average crossing signals major long-term uptrends and downtrends.
Its a very long-term pattern and many things have to happen for it to play out:
a) Price must already have seen the bottom at $116+
b) Price must keep trending upwards and get a minor rejection at $360+ level.
c) The correction must only be max up to around $280 (1/3 of the cup from the top).
d) The price must trend upwards and breakout at $363 with at least 2 daily candles above this price point. Possible stop loss below this area especially if you are already in profit.
e) The price will continue to uptrend and reach target of $610 around mid 2021.
Furthermore, ETHUSD EMA50 and MA100 on daily chart is now at a critical point. A bullish cross here would mean a long-term uptrend. Check out ETHUSD chart and you will find that historically these moving average crossing signals major long-term uptrends and downtrends.
