Crypto_Ed

ETH broke out of corrective pattern

Long
BITFINEX:ETHUSD   Ethereum / U.S. Dollar
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51
ETHUSD surprised me....I was expecting some more downside on the short term (see link below) as it was in a corrective flat pattern.
But it broke out to the upside and retested the trendline and seems to be heading towards the top of this pennant .

Longer term I'm expecting a break to the upside towards the blue box.
One more corrective leg is still possible, therefore watch priceaction if price nears upper trendline of pennant .

Less is more ;-)

Happy trading!
Comment: Hmmmm.....Right after posting this, BTC started dumping and took ETH down. Looks like my previous chart might become valid again

Comments

Seems something sparked a new ETH rally...
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Is the ADX chart also invalid now?
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It doesn't look like it will be heading down to your C point, based on your previous estimate. What correction do you view in the short term? Thanks for your work.
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Amit26 fma150
@fma150, I think 280
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Thanks!
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tradingview needs more analyst like you, always top quality analysis :)
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Thanks for the analysis @Crypto_Ed , Looks like its falling to 300 now, the corrective leg you mentioned
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