COIN ROTATION is like a WAVE: The waves of funds continue to rotate from one coin to another. First BTC shot to almost 8000 USD over the last weeks,then crashed funds flowed into BCH, which rose 300% in a few days, next, altcoins like DASH saw inflows and 50%+ climbs
ETH STILL SIMMERING: But ETH sill hasn't seen it's break out moment. In fact, this consolidation range between two converging trend lines (an ascending triangle pattern) has lasted from June. But the trend lines are converging and price is coiling like a spring and we should see a resolution of this range one way or the other, and I am FIRMLY BULLISH on the outcome. We have an uptrending 200 day moving average and overall bullish volume. The RSI is also looking to push into a bullish range (above 50). Based on the weight of the evidence, I think we will see a very significant, large and rapid breakout out of this consolidation range.
TARGETS: First target is the old highs at 400 Second target is the 161.8 Fibonacci retracement of this entire consolidation at 565. That would be a 50 - 75% increase from present levels.
THE PLAY Long over a breakout of this short term consolidation range above 330 Stop below the short term consolidation range at 270. Target: old highs 400 (take off 1/3 position) Target 2: 161.8 Fib retracement 565 (take off rest of position)
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MY TRADING METHOD: I keep my analysis simple. Good analysis always is. I use Price Patterns, Moving Averages, and RSI for my analysis. I use the 1 day for trend analysis and 60 minute for trade entry For my Targets I use Fibonacci projections, measured moves, support and resistance. Successful trading means proper risk sizing and trading small so you can stay in the game.
I have been adding to my positions Since August first, maybe it will be time to take profits at as you say, 1/3 at 400 and the rest at 565. I do not know much about Tech Anal but enjoy learning. Please keep us updated here, will keep watching! Thanks!
ksx1996
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Thank you !
UnknownUnicorn1502447
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I am a beginner in tradings! Your analysis is very clear and straightforward; I love it! However, to have a better understanding, I hope you don’t mind going over “the play” you proposed; I have little to no knowledge about consolidation. Thank you.
Justjoshnmate
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Thanks so much for this. I was watching it but saw your TA which confirmed mine but You had the targets and better trend history and I am a noob.
I timed it perfectly with a confirmation after the break. Now to just time it at the other end, by starting with some profit at 400.
Thanks again.
BillMeyer
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Very good call. Been watching it for a few days now.
Do you have a similar chart for Litecoin?
perdazar
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great analyze. totally imminent break out.
DrJLT
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I also think it may break upwards even though I still have short positions on ETH. What makes you "firmly bullish" on the outcome?
MidasTouchTrading
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@DrJLT, why would you have a short position if you think it's going to break upwards?
There's a lot of reasons why it might break up. Hundreds of thousands of new users on Coinbase, market cap of cryptocurrencies adding billions and billions...