ETH next target $420

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
In my previous trade set up (link below) I was right in the upmove and its target and in the correction to $270.
After hitting my targetbox in in a spike, I expected more downside but WTH surprised me wiht its upmove. Earlier this day, I wrote that a break of the yellow trendline would be a strong buy and it made indeed a strong upmove. I'm a bit annoyed that I didn't have the chance to add more ETH, but as I said from the beginning: that correction was just a good case to buy more (not shorting it) as I was looking for more upside.

Now we seem to be in the 5th leg and my target is the blue box on the chart.
If you're not in this trade yet, I would advise to avoid "chasing candles" and wait for some more correction. Current upmove is lagging a bit and I wouldn't be surprised if it corrects a bit more.

Aug 21
Comment: Potential bounce area based on fibo extensions:

Aug 22
Comment: Yesterday I wrote: wait for more correction...Well, this was certainly more as expected. We're back below the yellow trendline.
Breakout above is important to continue the uptrend, otherwise we'll start looking again at my previous target of sub 270

Sep 02
Comment: Didnt reach target 420 for now, keep an eye on that trendline as we have bearish divergence. If it breaks trendine we might get a serious correction

Sep 02
Comment: My target of $420 didnt reach completely, but more to come....
I made a new ETH chart with $ 550,- as target!
Check my profile for the update
Pun intended ;)
blaze it
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