ETH Next Breakout/Breakdown <48h
Hello everyone!
It's time for another ETH chart in the USD pair, most of my viewers know that I usually do the EUR pair, but I'm switching it up a bit to reach the broader audience now.
So let's get in to my latest analysis.
The current key to more gains is the symmetrical triangle taking shape that is suggesting price of around $800.
For those who have watched my EUR chart, it has been typical for the pattern to be bullish in this particular trendline (It has repeated itself extensivly during this uptrend, which I have pointed out).
However a failure to break the resistance of $713 suggest that we need a larger retrace to around $530.
A failure to maintain the price over the support of $530 is likely to extend the downtrend and re test the supports $495-$359 - to put it simply, the upwards movement we had was simply bull trap. I do however see this scenario (bull trap) as unlikely right now - but not impossible.
Therefore I suggest that you keep an eye on the uptrend support which has held strongly during this uptrend, a deviation from that pattern and we are likely to face the scenario i described.
Good luck trading and have a nice weekend :)
It's time for another ETH chart in the USD pair, most of my viewers know that I usually do the EUR pair, but I'm switching it up a bit to reach the broader audience now.
So let's get in to my latest analysis.
The current key to more gains is the symmetrical triangle taking shape that is suggesting price of around $800.
For those who have watched my EUR chart, it has been typical for the pattern to be bullish in this particular trendline (It has repeated itself extensivly during this uptrend, which I have pointed out).
However a failure to break the resistance of $713 suggest that we need a larger retrace to around $530.
A failure to maintain the price over the support of $530 is likely to extend the downtrend and re test the supports $495-$359 - to put it simply, the upwards movement we had was simply bull trap. I do however see this scenario (bull trap) as unlikely right now - but not impossible.
Therefore I suggest that you keep an eye on the uptrend support which has held strongly during this uptrend, a deviation from that pattern and we are likely to face the scenario i described.
Good luck trading and have a nice weekend :)
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A look at the hourly and we can see that we have already started the path to 800, I'm expecting another rejection around the same area before we get a larger breakout.ملاحظة
I like to give my viewers some Free Fractals™:P
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Possibly the last dip Before we break outملاحظة
Fill in the blanks!! You know I'm right....ملاحظة
A closer look, the trend doesn't lieملاحظة
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Expecting the dip to go further :-)ملاحظة
THIS is ur chance to get in a bit cheaper, to be honest im not sure how close to the support it will get but each dip probably won't go much deeper than the previous one. As i said last chance to get in before the breakout :-)ملاحظة
Maybe dip will end at second trend ملاحظة
Hope someone took my advice .OVER and out for me. I won't be updating any charts until i get 50 likes.
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Just kidding, I'll update without likes but would be nice with some appreciation :)Btw this drop was WEAK and we dont get strong rallies with weak drops
Another fractal is making me think we have one more down before.
I''m a bit unsure on this tho but def could happen
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free bullish pattern, i think this scenario is more likelyملاحظة
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This could be a scenario as well, it looks like a rising wedge so we might take a dive to the support before the breakout.ملاحظة
As i said before the previous drop was a bit weak so if we fall from the suggested wedge it would be closer to my expectations ... ETH just looks so strong now so I'm not sure if it will happenملاحظة
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Longer timeframe offers the potential of a larger flag with a target of a another significant trendlineملاحظة
I'm a man of my words! Less than 24 before we will see ETH break above it's resistance. If u want to donate some of the profits to me PM me :D <3ملاحظة
Small fakeout (up/down - or bad flag -__- ), we are still on track to break above the resistance - Lets see if we can do it within 6-7 hours :)ملاحظة
Looks like the triangle wants another daily candle before breaking outملاحظة
Alot of volatility in this flag, my bottom of the flag were in the areas were we only had closing candles in, but you can actually see that the wicks of the doji's extended a bit further than that with the deepest low of $666~ ...If we if we were to reach that price again, we are probably looking to re test $660-650 before we see the move up that I'm expecting.
The green trendline has now been broken, so the support is the black trendline just below it.
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Just a reminder, the pattern can break BOTH ways. I'm personally leaning to another extension of this rally.ملاحظة
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Breaking the support this deep is raising some concerns, but i think we have some other possibilitys and this is probably just a good oppertunity to add to the stack.This idea does however leave additional room to correct (OR the whales are screwing around) :)
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Considering that we have good support $584 that has been tested a good couple of times, i just see this as unlikely... But lets see. If we go below there I'm not sure whats going on with this market. I'm still expecting a bounce from the area we are chilling at now - $630-650ملاحظة
epic. Look at that pin bar.ملاحظة
And we have a breakoutأغلقت الصفقة: تم الوصول للهدف
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