Ethereum Bull Flag

ETH is looking very bullish. Seems like an ABCDE, but what's weird is that it almost looks like a symmetrical triangle with wicks forming an ascending triangle. I longed. Target 1: 580. Target 2: 900.

Comment:

Bitfinex's lack of price history for ETH is deceiving, making it seem like that last huge leg up was wave 1, when really it was wave 3. Looking at polo's chart for ETH shows a clear channel. After the first wave up, price formed what looks like an ascending triangle that eventually failed and fell to about $8 where it found support. Then it built the next wave up (wave 3), and shaped the bull flag that we are sitting in now. I see three options: (1) a possible breakout of the triangle which could send price $1000+ toward the top of the channel before an ABC retrace (most likely imo), (2) a break down of the triangle, which is possible based on the first wave, where it would eventually find support probably around $120-$140, then create the next leg (less likely), (3) go straight sideways till touching the channel then up (very unlikely). I drew circles in the two spots i think wave 4 potentially ends, and 2 spots where i think wave 5 could ends (obviously these are just eye-balled estimates.

I think this will come down to fundamentals, which I think are bullish and will be very bullish next year. Time will tell :D

Comment:

ETH Daily looks a bit overbought. It is flagging on low TFs. If it breaks up watch for a possible bull trap - could top around 390 then fall back to around 300 before a bounce and breakout. Looks like an ascending triangle to me.