Ethereum is showing strength on the daily chart as it continues it's
upward trend towards it's all time highs at 400.
We see a beautiful flag pattern on the daily chart with a confirmed breakout
to the upside.
If price can get above the top of the flag, 320, then we should see a new run
to the all time highs at 400, which finds a confluence of targets:
Why back to 400?
400 are the old all time highs, we need to retest
400 is a nice round number, people will hold positions until that resistance level
400 is the measured move of the "flagpole" from the August runup
Moreover, RSI is in a bullish range and not yet overbought.
Moving averages are moving up and price is holding both the short term 9
and mid term 21 emas.
Strong price behavior = bias to the upside
BREAKOUT ENTRY: Over 320 (high of flag)
STOP: 295, below flag
TARGET: 400 (old highs)
Reward to Risk: over 3:1
The <b>TECHNICAL STORY</b> so far:
1. Ethereum climbed to its all time high on June 12th, and started a long steady decline back down to 125 on Jul 16th.
2. It broke out of it’s downtrend on July 18th and consolidated sideways until August 5th, when it broke above the moving averages and entered the Ichimoku resistance cloud.
3. We saw a fast run back to 300, retracing 50% of the June to July decline, where once again we find a consolidation flag pattern.
----
!! PM me with any questions about my analysis !!
<b>MY TRADING METHOD:</b>
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections + measured moves
Successful trading means proper risk sizing and trading small so you can stay in the game.
upward trend towards it's all time highs at 400.
We see a beautiful flag pattern on the daily chart with a confirmed breakout
to the upside.
If price can get above the top of the flag, 320, then we should see a new run
to the all time highs at 400, which finds a confluence of targets:
Why back to 400?
400 are the old all time highs, we need to retest
400 is a nice round number, people will hold positions until that resistance level
400 is the measured move of the "flagpole" from the August runup
Moreover, RSI is in a bullish range and not yet overbought.
Moving averages are moving up and price is holding both the short term 9
and mid term 21 emas.
Strong price behavior = bias to the upside
BREAKOUT ENTRY: Over 320 (high of flag)
STOP: 295, below flag
TARGET: 400 (old highs)
Reward to Risk: over 3:1
The <b>TECHNICAL STORY</b> so far:
1. Ethereum climbed to its all time high on June 12th, and started a long steady decline back down to 125 on Jul 16th.
2. It broke out of it’s downtrend on July 18th and consolidated sideways until August 5th, when it broke above the moving averages and entered the Ichimoku resistance cloud.
3. We saw a fast run back to 300, retracing 50% of the June to July decline, where once again we find a consolidation flag pattern.
----
!! PM me with any questions about my analysis !!
<b>MY TRADING METHOD:</b>
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections + measured moves
Successful trading means proper risk sizing and trading small so you can stay in the game.
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Twitter:
@BerlinTrader591
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591