Jellep99

$ETHUSD Multi-timeframe bullish outlook

COINBASE:ETHUSD   Ethereum / U.S. Dollar
Before we get into this idea, please note that performance is not guaranteed. I recommend doing your own research before entering any trade. Your upvotes & comments are appreciated.

Today I'd like to update you on the ascending triangle I shared not too long ago (see below). I expected a breakout before the first of June.

In between now and then, the triangle has broken down to the downside and reclaimed it. In doing so, it printed an inverse head & shoulders pattern on both the daily and 4hr charts (see below). ​Using conservative methods, we measure the top of the lowest reaching candle in the head of the iH&S to the neckline. With the iH&S neckline at $217 and the height of the head measuring $30, I think a $247 per COINBASE:ETHUSD target is reasonable.

In printing and validating the iH&S however, COINBASE:ETHUSD has also broken out of the ascending triangle to the upside. Essentially, we're seeing 2 bullish formations happening on two different timeframes.

Combine this with COINBASE:BTCUSD regaining it's bullish momentum (keep an eye on the monthly close, we've not closed above $9340 in almost a year), and I think we will see a nice few months for CRYPTOCAP:TOTAL .

By now I hope you have all filled your bags as I instructed​ you to do so at $191.

Best of luck traders.

Comments

here is what I have on ETHUSD from a MTA analysis perspective
+1 Reply
Jellep99 transparent-fx
@transparent-fx, Very solid, completely agree.
Reply
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