BerlinTrader591

Ethereum Breakout to 880

Long
COINBASE:ETHUSD   Ethereum / U.S. Dollar
PRICE ACTION
Ethereum could be breaking out here from it's multi day consolidation flag / penant pattern.

If it can hold this upper trendline and move higher, we can expect higher prices based on Fibonacci targets.


THE STORY
Money moving from Bitcoin into Ethereum for safety as the Bitcoin futures launch could cause the next leg up.


THE TRADE
Long above breakout level 725
Target 1: 760 former highs
Target 2: 830 at 161.8% fibonacci extension
Target 3: 880 at measured move of consolidation range and longer term Fib level from Summer to Fall consolidation

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