I previously posted an analysis of the macro/longterm standing of Ether. The ETH/BTC pair seems to be finally breaking out of its 2-year long bear market.
Now looking at the smaller scale (4-hour chart), we see this ascending triangle pinching. The trading range has narrowed and volume has decreased as traders and investors wait for the next move.
Watch for a break out of this formation. The upside has a 15%-20% profit potential before the next resistance zone around .026
Keep an eye on it! There is profit to be made on this breakout.
Now looking at the smaller scale (4-hour chart), we see this ascending triangle pinching. The trading range has narrowed and volume has decreased as traders and investors wait for the next move.
Watch for a break out of this formation. The upside has a 15%-20% profit potential before the next resistance zone around .026
Keep an eye on it! There is profit to be made on this breakout.
Comment:
Don't think I would call the last move a "breakout" but we did start trading above previous highs. This dip could be a retest of resistance to flip it support. Good opportunity to enter long. Lower risk than buying into the breakout rally.
Looks like were breaking though this upper resistance. Keep an eye out for the volume to show up, this will propel the price higher.