ETHBTC Bull Flag Breakout Strategy

POLONIEX:ETHBTC   Ethereum / Bitcoin
It looks like we have a bull flag breakout coming on ETHBTC. Wait for a confirmation if you were not long at 0.046. If you were in at 0.046 then have a tight trailing stop at 0.0475.

Confirmation should be a long green candle on the 1hr chart to 0.050, do not be afraid to wait and go in on a pullback at that level.

Under normal conditions one would expect the second leg up to be the same length as the first flagpole giving us a target of the 1.618 fib extension or 0.066. Feel free to book profits at the fib levels or set a trailing stop.

Looking at ETHUSD we have a long target of $64 (1.414 fib) or $66 (1.618 fib) depending on the daily price of BTC .

Increased volume , 4HR MACD crossover, continued RSI gains (4H), and a strong closing 1hr green candle above $50.50 should confirm.

ETHBTC chart here:
Comment: Updating this chart, we hit the resistance at $53 and have been unable to clear it on several successive attempts.

With uncertainty in BTC's direction I am sitting on the sidelines.

I locked in profits from ETH at $51 and to date have made 10X trading this trend. I am expecting to see a short term sell-off in ETH to create a new support level within the current bigger trend.

Currently not holding any crypto. Be safe out there
Comment: Updated Chart Here
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