Ethereum daily - ethereum is breaking out of a large symmetrical triangle, which would be very bullish if Ethereum is in the up leg. It is indicative of several things that do not give importance to that breakthrough at the moment of writing. Ethereum is breaking out on low volume, and is below BiGRed (200 day MA).
The RSI is in an overbought area which could indicate an imminent price correction which could be bearish.
MACD is in an upward trajectory which is bullish.
Overall: if Ethereum closes above the BigRed today, on January 12th, there is high possibility of further growth towards the targets marked by the red dashed line.
However, if the day ends in such a way that it closes below the BigRed and closes within a symmetrical triangle, a strong fall towards the lower trend line will probably follow, and then it will probably be broken.
CPI will definitely decide the direction so it is currently NO trade zone.
The RSI is in an overbought area which could indicate an imminent price correction which could be bearish.
MACD is in an upward trajectory which is bullish.
Overall: if Ethereum closes above the BigRed today, on January 12th, there is high possibility of further growth towards the targets marked by the red dashed line.
However, if the day ends in such a way that it closes below the BigRed and closes within a symmetrical triangle, a strong fall towards the lower trend line will probably follow, and then it will probably be broken.
CPI will definitely decide the direction so it is currently NO trade zone.
Consistency is the key of success....
