Just like Bitcoin', it seems ETH' is following a similar path as we saw 2 weeks ago, during the rally from 100 to 165. There is however a big and important difference. Volume was a lot bigger during the wave prior to these triangles. But, the rally in Feb was 27 points and this one is around 12 points. So that could explain it, because making a big move like that in almost one shot, takes a lot of fire power to achieve it.
So i am going to give the lower volume a chance and giving this triangle a chance as well up to 135ish. If that one breaks, as mentioned in the previous analysis, 132/134 can still be a good support zone as well. Also keep an eye out on a lower time frame fractal, which is playing out so far as well:
So the triangle fractal, suggests we could move sideways for a few more days even. If we that happens and we drop a bit to the support zone and again being able to touch the 138.5/139 zone, it will be almost certain that it will break eventually.
Previous analysis:
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Update i posted in my bitcoin analysis:
Unless we see slow stable dropping of the price, i think i should give a small warning. I have been looking into some things, of this current bull flag. First thought was, it's a fake flag and it will probably drop again. However, this rally was not a short squeeze. Which is a very important difference. With each drop the past days, we see it getting bought up again, i just find i hard to tell if it's accumulation or distribution. If we continue to drop in a slow pace coming day or two, than i think we will break up eventually. So this channel you can see, is probably a good guideline to use. If we continue to move inside of, it should be seen as bullish.
It's just ETH, that is weaker that other rallies past 3 months. There we can see a possible H&S even, but not confirmed yet. If we see drops there, but also small ones, moving inside that possible wedge, that could also be seen as bullish.
I like it playa this is some good shit. Been seeing a fractal and inversion play out myself. Great breakdown as always.
Jeffy
botje11
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@DJ-Jeffy-J, Thank you :), they don't always play out exactly the same, but can be very great guidelines
DJ-Jeffy-J
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@botje11, Yee looks like this one aint gonna have exactly the same nature. Seems to be being manipulated hardcore just like the last pump though. There was a good 20-30 minutes of no price action.
DJ-Jeffy-J
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The fractal actually seems to be playing out. I think we bout to rocket up a bit over weekend. How you put those sexy new pics in the update without a new post?
botje11
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@DJ-Jeffy-J, Just click on the camera upper right at the chart, than copy that URL and simple paste it
TradeIndicators
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Bingo! Someone is looking at the same thing we are. If we can break above this resistance this will be a nice move up. We're updating our stop loss and if we break resistance we could see a VERY nice move up. Love the update man :) Also, thanks for pointing out the ascending channel, not a lot of people are doing that and you nailed it. Cheers!
Monfex
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botje11, as always, makes great analysis. No doubt about that.
Actually, I’ve reached a very similar conclusion about the price forecast for ETH/USD, but via different chart patterns.
So, guys, take a look at my analysis as well! You’ll find it useful.
I'd greatly appreciate it, if you leave your feedback.
Yours, Monfex!