Hello Future Millionaires!
ETH is looking very bullish! If we see a break above the descending price channel, then I'm looking for a long entry!
Measured move for this bull flag takes price to $725, but I plan on taking profit along the way!
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Guide to My Charts
-The dark magenta horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
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Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
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Entry: 604.25
Entry Zone: 590- 615
T1: 615
T2: 640
T3: 650
T4: 675
T5: 700
T6: 725
Stop: 565.38
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R:R: 3.11
Risk: 6.43%
Reward: 19.98%
Leverage: 6X
Leveraged Risk: 38.58%
Leveraged Reward: 119.88%
Risk Assessment: MEDIUM-HIGH
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
ETH is looking very bullish! If we see a break above the descending price channel, then I'm looking for a long entry!
Measured move for this bull flag takes price to $725, but I plan on taking profit along the way!
---
Guide to My Charts
-The dark magenta horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
---
Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
---
Entry: 604.25
Entry Zone: 590- 615
T1: 615
T2: 640
T3: 650
T4: 675
T5: 700
T6: 725
Stop: 565.38
--
R:R: 3.11
Risk: 6.43%
Reward: 19.98%
Leverage: 6X
Leveraged Risk: 38.58%
Leveraged Reward: 119.88%
Risk Assessment: MEDIUM-HIGH
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
Comment:
If we do not breakout from here, then I could see price coming back down to around $570 before another possible breakout!
Comment:
If ETH breaks out, then I'm also looking for ETH dominance to start closing above the 0.5 Fibonacci, which is currently acting as resistance.
Comment:
Price never broke out, so trade was never active.
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