ETH Breakout to $600 - 110.1% Profit Potential

Hello Future Millionaires!

BTC just broke out and ETH is looking like it wants to follow!. I'm looking for a close above the last daily high at $438.42 for an entry. However, if price action is moving quickly and I have a volume confirmation, I will enter prior to a confirmation of a close above daily support.

We have very strong resistance in the $465-$480 zone, so I'm planning on keeping my stop loss tight so that I can lock in profits in the event of a large pullback or possible reversal from that resistance zone.

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Technical Analysis
-Daily 10SMA holding as support
-Lower time frame stochastics bullish
-Price action holding support above the yellow trend line
-ETH dominance recetnly broke through a critical resistance level
-Bullish weekly close suggests continuation on the higher time frames
-Bullish volume breakout on lower time frames

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Guide to My Charts
-The horizontal purple boxes of peace and prosperity are support/resistance 'zones'. If price pierces through one side, then it is likely to head toward the next support/resistance zone or line.

-The purple lines are support/resistance.

-Yellow lines are typically used to chart out pattern formations on the daily and higher time frames. Skinnier lines may are typically smaller time frame trends and patterns (like 4H and 1H).

-The colored lines are MAs (Red: 10 simple, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Grey: 200EMA, White: 200SMA, Maroon: 377EMA.

-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.

-The Historical Volatility Percentile (HVP), RSI, and/or stochastics indicators are below the chart if displayed.

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Entry: 438.48
Entry Zone: 419.55-451

T1: 465
T2: 485
T3: 519
T4: 550
T5: 575
T6: 600

Stop: 392.67751500

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R:R: 3.34
Risk: 10.98%
Reward: 36.70%
Leverage: 3X
Leveraged Risk: 32.94%

Leveraged Reward: 110.1%
Risk Assessment: HIGH

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Disclaimer:

This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.

These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.

Comment:

Prior 4H high close was $441.12. This last 4H close was at $441.01. More aggressive traders may have already entered, but waiting for a 4H close above the prior 4H high is a much safer bet!

Waiting for a daily close above the local daily high is even safer!

High volume signature on the last 4H close. This may constitute breakout volume. Watch price action closely!

Comment:

***Important Note***

Albeit we did NOT see a higher 4H close on Poloniex, there was a higher 4H close on Bitmex and Bybit. So, 2/3 exchanges I checked are showing a confirmation of a 4H close above the prior local 4H high.

Comment:

ETH has broken out from the falling wedge and appears to have back-tested it as support.

ETH is now in a rising wedge and is about to bounce up or breakdown. For a bullish outcome, we looking for the to side of the falling wedge to hold as support.

Comment:

Possible bull flag breakout! The conservative measured move brings ETH to $480, which has confluence with the top side of the next resistance zone. The aggressive measured move brings ETH to $500.

The red lines are for the smaller bull flag. The green lines are for the larger bull flag.