ETH about to bust higher! Confirming the continuation pattern
Welcome everyone to this ETH update. We have had a lot of moves on crypto today. Let's get right to it.
First, we are still targetting the 450-500 area. We can notice in the lines I marked up in purple that Ether is currently forming an ascending triangle and is going to break out very shortly from these highs. While BTC has broken out and has gotten a large move, ETH has not quite yet. We are almost there. We just need to break 275, and then 300. I would expect that once 275 is broken this go around it will go up to 300 much quicker. These levels are the core resistance levels. Once 300 is broken, there really isn't a resistance level until 375. If that breaks, we should move to the 450-500 area.
While RSI is oversold on the daily, it's important to note that we are following the weekly at this point and aren't oversold yet on the weekly.
MACD is positive on the daily and VERY strong on the weekly. \
I outlined how I think the moves are going to play out at this point. A pop up to 300, pull back, and then another big pop up to 375 after that, etc...
Upside pressure remains and we will continue to move higher barring nothing to crazy happens with news events.
Happy trading and hodling,
-Sherem
First, we are still targetting the 450-500 area. We can notice in the lines I marked up in purple that Ether is currently forming an ascending triangle and is going to break out very shortly from these highs. While BTC has broken out and has gotten a large move, ETH has not quite yet. We are almost there. We just need to break 275, and then 300. I would expect that once 275 is broken this go around it will go up to 300 much quicker. These levels are the core resistance levels. Once 300 is broken, there really isn't a resistance level until 375. If that breaks, we should move to the 450-500 area.
While RSI is oversold on the daily, it's important to note that we are following the weekly at this point and aren't oversold yet on the weekly.
MACD is positive on the daily and VERY strong on the weekly. \
I outlined how I think the moves are going to play out at this point. A pop up to 300, pull back, and then another big pop up to 375 after that, etc...
Upside pressure remains and we will continue to move higher barring nothing to crazy happens with news events.
Happy trading and hodling,
-Sherem
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Previous update:
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as always, please smash that like button!
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Starting to break through this 275 level. We get confirmation and we move to 300, we break that and we go to 375.
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Eth still hasn't been able to break through this 275 level. While it still looks like it's ascending, we need to place a protective stop to lock in our profits as this thing could go all the way back down to 175-200 before resuming higher.
I really don't like the divergence that is forming on the daily or the fact that it's just not pushing up and breaking the triangle at the same time BTC did. I will be putting protective stops in on some of my entries below the triangle formation for a re-entry.
I really don't like the divergence that is forming on the daily or the fact that it's just not pushing up and breaking the triangle at the same time BTC did. I will be putting protective stops in on some of my entries below the triangle formation for a re-entry.
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The reason for the stops as opposed to just getting out is simply that it could push higher and might do so. Stops are there to lock in profits in case things don't go that way. Importantly, we want to let the market dictate what happens. There is risk of getting whipsawed here, which we need to be aware of when placing these. But with that divergence, I think if we break down we'll head lower
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Stop wasn't needed, up we go. We should move to 300 now. Once we break 300 we should really launch up to 375 next.
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Our triangle is still in tact. Right now we are stuck between a smaller triangle and a large ascending one. This zone really sucks because as much as you want to get out and take profit, it could base out here at this support zone for a move up.
While this last move to the downside has been quite violent. Ultimately we made a new high in ETH, which is bullish. However, we still have that divergence. Stick to the original plan, stops below the triangle.
While this last move to the downside has been quite violent. Ultimately we made a new high in ETH, which is bullish. However, we still have that divergence. Stick to the original plan, stops below the triangle.
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As I was writing my last idea this thing spiked down quite dramatically. Didn't even give me time to put a stop in. I'll put it right below this area after a doji forms on the smaller time frames. So far this support area looks like is holding up. We'll see though....
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new idea update:
