Check out this beauty. A nice,slightly downward tilted cup and handle pattern on ethereum. We can see the handle of this cup and handle is also an inverse head and shoulders pattern, and that inv h&s pattern looks like it’s about ready to trigger/confirm its breakout. If it does the measured move target is right around 4700. If it therefore confirms that breakout it will likely confirm the c&h breakout as well as price action makes it’s way to the inv h&s breakout target. My guess is we will see a breakout within a week or so.
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Important to note despite the big green candle yesterday, we have not yet confirmed the breakout of the cup and handle. Don’t open any risky longs just yet.
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There’s a chance this pattern is a weekly pattern instead of a daily, if so we could see it consolidate for up to 14 days before it confirms. Of course it could also confirm as early as the next daily candle as well if it’s more of a 1 day timeframe pattern. Want to see a big impulse in volume to help confirm.
great cup and handle now, anticipating a huge breakout this month, if not in a day or so... eth on exchanges drying up big time.... bullish!!
Reigncane
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Agreed, clear to see the patterns. I am long, but nothing matters until we cross that top resistance line and then retest it.
That will be the most risk adverse buying opportunity to buy or add long, on the retest.
DrDovetail
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@Reigncane, agreed and if you look at the fakeout tezos just made above the line on its cup and handle even a big green candle close above it on the 1day chart isn’t enough to confirm a breakout
Reigncane
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@DrDovetail, Passed today 🚀👍 Your'e looking at a 80-100% move here?
DrDovetail
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@Reigncane, no confirmation yet. Lets see where this daily candle closes and what the follow up candle does after that
Reigncane
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@DrDovetail, Yeah, no consolidation yet. We need some profit taking to see where things sit with the masses above 4K