ETH nearing the apex of a mid to long term triangle.

COINBASE:ETHUSD   Ethereum / U.S. Dollar
Take a look at this daily chart . The lower orange trend line has been acting as support since July 2017. The upper orange descending resistance line has been tested multiple times since the ATH . It has been a slow sail back down to this support line and I expect to touch it again soon. I expect the long term trend line to continue as support and break the mid term resistance line to the upside. I am looking for another test of that support line soon, as we didn't quite touch it to prove a bottom in this latest correction.
I have marked multiple light blue resistance/support lines that I have noted over the last couple months as levels to keep my eyes on as price action approaches the apex. Putting them in the soup along with RSI , MACD and multiple EMAs from 20-200.
When I'm unsure of what to do, I like to zoom out. Putting on a wider lens usually relieves to pressure I feel to do something. I am long in ETH and comfortable with my position, even though ETHBTC is down, I think we will see a reversal soon (I am also long in BTCUSD ).
Thanks for reading, I've only been studying financial instruments for a couple months, so all feedback and up votes are deeply appreciated.
May all life's fortunes be yours.
Comment: I am also aware of a 5 day *potential* H&S pattern nearly completed on the 4 hour chart. Neckline is at 911. If I see a fall below, I may short briefly, expecting to retrace as far as 840 but probably finding support at 851. I still think by the 3rd week of March we will see substantial upside action.
Comment: Two of my light blue lines have acted as support and resistance on the daily since posting this :)
Comment: Look at that!!
Comment: Broke down out of the triangle and has begun to rally upward from there. Watching indicators closely, as well as ETH/BTC pair.
Hey great chart. Thanks for sharing, I'm reading it now as I'm looking for good numbers to get back in as I bailed at the drop down into USD.
BethanyJoy SteveGRN
@SteveGRN, Thanks! I also shorted. I'm looking for $650 this week. Hope we get it!
+1 Reply
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