ETHEREUM IS A BEAUTIFUL TORTOISE:
Ethereum is taking it’s sweet time, but hasn’t it always? After all, while Bitcoin was exploding over the last few months and altcoins are seeing huge pumps, it swayed comfortably back and forth in an ever-tightening consolidation range.
It finally woke up from it’s slumber in late November and broke out of that range above 400. It played nice, doing exactly what every nice technical analysist expects: coming back to retest that 400 level. Support proved intact and we now have a support level that we can trade against: 400.
Right now, we are bouncing off of that support level and if Ethereum continues to behave well, it should reach our targets of 565 and 667.
I don’t expect this sluggish pace to last forever, however. Once people begin to see that Ethereum is waking up, more people will line up to hitch a ride and this slumbering tortoise could become a raging dragon.
THE TRADE:
Long over 400
Target 1: 161% Fib level at 565
Target 2: 200% measured move of consolidation range at 667
Please message me with your questions or thoughts.
Ethereum is taking it’s sweet time, but hasn’t it always? After all, while Bitcoin was exploding over the last few months and altcoins are seeing huge pumps, it swayed comfortably back and forth in an ever-tightening consolidation range.
It finally woke up from it’s slumber in late November and broke out of that range above 400. It played nice, doing exactly what every nice technical analysist expects: coming back to retest that 400 level. Support proved intact and we now have a support level that we can trade against: 400.
Right now, we are bouncing off of that support level and if Ethereum continues to behave well, it should reach our targets of 565 and 667.
I don’t expect this sluggish pace to last forever, however. Once people begin to see that Ethereum is waking up, more people will line up to hitch a ride and this slumbering tortoise could become a raging dragon.
THE TRADE:
Long over 400
Target 1: 161% Fib level at 565
Target 2: 200% measured move of consolidation range at 667
Please message me with your questions or thoughts.
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Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591