ETH has been in an ascending triangle for about a day now which is bullish.
And, also finding support on VWAP.
It had a small fake out which quickly went back to under the 1.618 fib level which is the blue line.
This is because there was too much rooms still in the triangle at the time so it was too early to break out.
More Probable Scenario:
To the triangle there was a 12% increase and at the beginning of the triangle just under 5%.
This means that when it finally breaks out of the triangle we can expect it to go up about 5% or 12% which puts up about $1850 or $2000.
Less Probable:
We could also see a drop of about 5% which would put us back to the bottom of the parabolic channel I drew in a previous idea.
Then from there bounce to the upside hopefully not breaking under the channel.
And, also finding support on VWAP.
It had a small fake out which quickly went back to under the 1.618 fib level which is the blue line.
This is because there was too much rooms still in the triangle at the time so it was too early to break out.
More Probable Scenario:
To the triangle there was a 12% increase and at the beginning of the triangle just under 5%.
This means that when it finally breaks out of the triangle we can expect it to go up about 5% or 12% which puts up about $1850 or $2000.
Less Probable:
We could also see a drop of about 5% which would put us back to the bottom of the parabolic channel I drew in a previous idea.
Then from there bounce to the upside hopefully not breaking under the channel.
Comment:
Looks like it hit the first target and is coming down now.
