aziz.elliot

#Bitcoin and #Ethereum targets nearby

Long
COINBASE:ETHUSD   Ethereum / U.S. Dollar
Hi guys! πŸ‘‹πŸ»

Yeah, I know it wasn't a symmetrical triangle, it was a Flag pattern being formed.

πŸ”” Cryptocurrency market drew its attention to policymakers and lawmakers once again after the purchase of the $1.5 billion worth of Bitcoin by Tesla , claiming that the company will start accepting Bitcoin for it’s products. Now it looks like another giant corporation, Amazon is looking to integrate crypto-payments, as the company is looking for a Software Development Manager - Digital and Emerging Payments.

πŸ”” US Treasury Secretary Janet Yellen on Wednesday warned of an β€œexplosion of risk” in digital markets, including the misuse of cryptocurrencies, but said new financial technologies could also help fight crime and reduce inequality.

πŸ”” Bitcoin has formed a bullish flag on an hourly chart and has just confirmed a breakout from it.

πŸ”” The $43900 previous resistance acted as a support and Bitcoin was able to retrace from that level yesterday. Bullish continuation of BTC /USD may be stopped anywhere near the dynamic resistance of January 25.

πŸ”” The bearish reversal of Bitcoin is at this stage is very unlikely as the pair already confirmed a breakout from the corrective bullish flag pattern. MACD already crossed the signal line and is steeping towards uptrend continuation.

πŸ”” Similar dynamic resistance test was experienced by Ethereum yesterday. As seen on the chart above, Ethereum tested a major dynamic resistance of an ascending ending diagonal and retraced. The test of $1696 resistance as a support bolstered bulls to push ETH/USD above the $1750 resistance.

πŸ”” The most interesting part is that Ethereum formed a "diamond" pattern on a 15-minute chart. Diamond is a trend reversal signalling pattern which is formed in a combination of two symmetrical triangles to form a rhomboid shape.

πŸ”” Both coins look bullish amid their breakouts from their respected resistances, although both have to once again test the nearest resistance which halted them to continue the uptrend. Watch for the levels indicated above and follow the resistance levels to make the best decision.

✊🏻 Good luck with your trades! ✊🏻
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Trade closed: target reached