Tomcos76
Long

ETH in shorter term ascending triangle. Target of $960

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
ETH has been following an ascending triangle pattern. This normally is associated with a continuation of the trend, which in this case has been a short term uptrend. I am calling a target of $960 due to the length of the uptrend prior to the ascending triangle formation. A buy along the ascending trend line can be a good point to buy and hold for short term as well as long term strategy.
Comment:
Following the trend lines pretty well, just need a nice push of buy volume to get over the resistance. Watch for a failure to break resistance sometime today and set stop loss orders accordingly if you are in for the short term trade.
Comment:
Nice little bump in volume in the right direction. Watch closely in the coming hours. As of now, we are above both the resistance and one of the fib lines. If it remains above here it should be a strong support.
I have the same on my chart but im getting worried its going to break down in the next 1hr. What are you thinking?
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Tomcos76 CryptoMagician34
@CryptoMagician34, I thought so too for a little bit based on the 2hr and 4hr charts but there simply isn't enough volume at the current moment. The trend is still being followed with the exception of a few bars. I'd like to see what happens at the choke point in these trend lines.
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