ETH/USD - Ascending Triangle Breakout - 101.5% Profit Potential

Hello future millionaires!!!I hope everyone is having a great day today! It's such a beautiful and sunny day! What a great time to be alive to witness all this crypto exuberance! Please take a second to leave a like if you derive any value from this or past charts. It also helps keep me motivated to share more with the community.

Firstly, seeing as we have not seen a healthy pullback, this is a higher risk trade than most setups, but as long as we are managing our risk, we'll never get rekt!

I recently posted another chart showing us running into strong resistance at $331. If we can break through this resistance zone, then I think we'll see some more moon action, so get your moon boots prepped!

However, this could all be a huge bull trap. If traditional markets tank (we are on the precipice of a global financial meltdown), then we are highly likely to see the cryptosphere follow! That said, I have my stops set tight and am keeping my finger on the crypto bloodline! I will eb looking for some life changing 'short' opportunities if traditional markets tank.

Best of luck on your trades everyone!

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Technical Analysis ETH appears to be forming an ascending triangle on the 4H within the ascending broadening formation. If we get a close above the second highest 4H candle close, then I'm looking to long to resistance around $345.

We may be confirming hidden bullish divergence on the 4H RSI if we can get a close above the last 4H high. On the flip side, we have 3 drives of bearish divergence, so this could be a local top. If we close below the $315 support zone, we could see a nice pullback! Be prepared for such a scenario.

Stochastics are pegged out in the bullish control zone, which is normal behavior for this momentum oscillator in a trending move. RSI is better for trending price action, whilst stochastics are better for ranging price action!

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Entry: 314.79

T1: 325.25
T2: 333.33
T3: 340.00
T4: 350.00
T5: 360.00
T6: 370.00
T7: 378.70

Stop: 298.41517038

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R:R: 3.9
Risk: 5.20%
Reward: 20.30%
Leverage: 5X
Leveraged Risk: 26%
Leveraged Reward: 101.5%

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Guide to my charts:

-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 lines.

-Yellow lines are typically used to chart out pattern formations.

-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 stochastic indicators are typically immediately below the chart.


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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 trade ideas and are intended for educational purposes only.

Comment:

Where do you see price going in the short-term? Have a chart to share? Ideas? I'm interested to see what everyone else is seeing!

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Here is the chart with the 0.382 Fibonacci:

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Here is the chart with the 0.382 Fibonacci:

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Follow us now for regular crypto day and swing trade setups!

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All targets achieved again! 101.5% Gain!!!

T1: 325.25 - HIT!!! (16.61% Gain)
T2: 333.33 - HIT!!! (29.45% Gain)
T3: 340.00 - HIT!!! (40.04% Gain)
T4: 350.00 - HIT!!! (55.93% Gain)
T5: 360.00 - HIT!!! (71.81% Gain)
T6: 370.00 - HIT!!! (87.7% Gain)
T7: 378.70 - HIT!!! (101.5% Gain)

Let's get this crypto!