TradingShot

ETHEREUM forming a bullish break-out pattern to $690

Long
BITSTAMP:ETHUSD   Ethereum
ETHUSD is holding its 9 month Channel Up, currently having formed a Triangle within. As seen on the chart, every time such a pattern (Triangle) is formed, the price breaks to the upside. Some times more aggressive (+83%, +89%), others less (+29%).

At the same time, while the Triangle is formed, the RSI prints a Channel Down (showing accumulation in process) and the LMACD being descending, makes a Bullish Cross. The only exception to the RSI is the Sept/ Oct Triangle, but that traded below the the 1D MA50 (blue trend-line). In all other occasions, the 1D MA50 was supporting (as it does now).

A +29% rise tops at $690, a +89% would top at $990. Which one do you think its going to be?

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