Ethereum is currently trading within a bull flag and a breakout on top would see next major resistance at $545 (42% upside from current levels) which is the 61.80% fib level.
Supporting evidence:
- Bull flag pattern
- RSI bullish divergence
- MACD bullish divergence
- Volume analysis
- take a look at volume on the top and bottom price action of the channel...you will notice volume is spiking when hitting the bottom of the channel (examples: August 7, 15:00 and August 11, 17:00). This suggests the market maker is accumulating the demand zone more than they are selling in the supply zone.
Supporting evidence:
- Bull flag pattern
- RSI bullish divergence
- MACD bullish divergence
- Volume analysis
- take a look at volume on the top and bottom price action of the channel...you will notice volume is spiking when hitting the bottom of the channel (examples: August 7, 15:00 and August 11, 17:00). This suggests the market maker is accumulating the demand zone more than they are selling in the supply zone.
Comment:
Within 24H, Ethereum broke out of the bull flag and is headed higher. $BTC Dominance broke down and will likely continue a downtrend as alt season progresses. Watch the RSI on higher time frames and compare to previous $ETH runs and also monitor where we are in accordance to fib retracement levels (specifically at 61.80%). I will continue updating this idea.
Trade closed manually:
Bear flag appearing on 1H time frame, I am closing this trade to avoid risk and take gains to look for a pullback.
Trade active:
Profits taken on the 14th @ $440 were used to purchase at these levels here @ $415. A bull flag is now forming on the 1H so I expect a nice continuation upward to our target of $480 then $540.
Comment:
