Bullish Breakout Awaits for Ethereum (ETH/USD Analysis) - Update
Good day, my friends! This is an updated chart for my previous analysis titled “Ethereum – Falling Wedge Reversal” dated July 4 (three days ago) which remains “valid” until today. This new chart, however, should give you a clearer view of how price is going to hit our target.
Now let’s take a closer look at the short term setup in the the 3-hour chart. There have been some positive developments on the Ethereum (ETH) trend recently so let us go through every one of them.
1. The purple lines outline the Falling Wedge that price has been trying to breakout from. This is a bullish sign.
2. The bullish symmetrical triangle as outlined by the green lines are still intact and valid. This is another bullish sign.
3. Several breakout attempts below the triangle were quickly reversed. This shows that we have more ready buyers to get aboard the moon ride than sellers (mostly weak hands). Yet another bullish sign.
4. What was previously a Rising Wedge (bearish pattern) has now turned into a Bullish Channel as outlined by the tangerine lines. This is the best bullish sign because we can now clearly see how price has a good chance to hit our target range as highlighted by the red box.
Keep in mind that those who trade with patience and consistency are often rewarded. What we want is to look for profitable trades (like this one, for example) regardless of how long it takes to reach our goal. After all, trading is meant to be boring so a piece of advice - please avoid scalping (day trading) unless you are a very good trader. Even so, no trader is “that” good to be right all the time.
Please do check out some of my other charts below under RELATED IDEAS.
Happy trading, my friends! :)
A simple LIKE and FOLLOW if you want to see more quality analysis from me on TV. If you guys are on Twitter, follow me there and get notified whenever I post a new chart or update.
Now let’s take a closer look at the short term setup in the the 3-hour chart. There have been some positive developments on the Ethereum (ETH) trend recently so let us go through every one of them.
1. The purple lines outline the Falling Wedge that price has been trying to breakout from. This is a bullish sign.
2. The bullish symmetrical triangle as outlined by the green lines are still intact and valid. This is another bullish sign.
3. Several breakout attempts below the triangle were quickly reversed. This shows that we have more ready buyers to get aboard the moon ride than sellers (mostly weak hands). Yet another bullish sign.
4. What was previously a Rising Wedge (bearish pattern) has now turned into a Bullish Channel as outlined by the tangerine lines. This is the best bullish sign because we can now clearly see how price has a good chance to hit our target range as highlighted by the red box.
Keep in mind that those who trade with patience and consistency are often rewarded. What we want is to look for profitable trades (like this one, for example) regardless of how long it takes to reach our goal. After all, trading is meant to be boring so a piece of advice - please avoid scalping (day trading) unless you are a very good trader. Even so, no trader is “that” good to be right all the time.
Please do check out some of my other charts below under RELATED IDEAS.
Happy trading, my friends! :)
A simple LIKE and FOLLOW if you want to see more quality analysis from me on TV. If you guys are on Twitter, follow me there and get notified whenever I post a new chart or update.
Comment:
Congratulations! We have a touchdown on the triangle's lower trendline. Now we just have to wait for price to breakout above the triangle to enter the trade. Enjoy your profits, guys! Please LIKE this chart.
Comment:
We have a launch, my friends. Enjoy your profits!
Comment:
Even though we have set our target at $530-$540 (red box), price don't usually go up as a straight line. It would be wise to take some profit off a winning trade in levels like $500 for instance. This way, you can buy back more when the price comes down to retest the upper trendline of the triangle, which is very common in any pennant breakout.
Comment:
ETH ANALYSIS UPDATE ( July 8 ):
------------------------------------
Here are the LATEST UPDATES for our Ethereum trade.
1. We have major resistance formed around a major trend line* ($490 - $500).
2. A break above the major resistance and trend line will bring us to our newly-added Fib Target ($512) and Main Target ($530 - $540) areas. Feel free to secure some profit at Fib Target.
*If you are a long-term investor like me, take note that a sustainable break above the major trend line unlocks huge upside potential for Ethereum (ETH). For starters, expect $1k to be broken again. ;)
Please LIKE this chart and FOLLOW me if you want me to post more free analysis on Ethereum.
Happy Trading!
------------------------------------
Here are the LATEST UPDATES for our Ethereum trade.
1. We have major resistance formed around a major trend line* ($490 - $500).
2. A break above the major resistance and trend line will bring us to our newly-added Fib Target ($512) and Main Target ($530 - $540) areas. Feel free to secure some profit at Fib Target.
*If you are a long-term investor like me, take note that a sustainable break above the major trend line unlocks huge upside potential for Ethereum (ETH). For starters, expect $1k to be broken again. ;)
Please LIKE this chart and FOLLOW me if you want me to post more free analysis on Ethereum.
Happy Trading!
Comment:
Guys, please LIKE this chart. Let's keep it on the main page. Thanks!
Comment:
Time for our ETH rocket to break above the atmosphere. Buckle up, guys! This post, however, is losing altitude, keep those LIKES coming. :)
Comment:
Price is gaining momentum as it tries to break through the wall of resistance that insulates the major trendline.
As soon as we break above this trendline, we will likely see a long green candle that pushes price to our main target, and possibly through it and break above the bullish channel. When that happens, $600 will be in plain sight and this is just the beginning. Happy trading!
As soon as we break above this trendline, we will likely see a long green candle that pushes price to our main target, and possibly through it and break above the bullish channel. When that happens, $600 will be in plain sight and this is just the beginning. Happy trading!
Trade closed manually:
Refer to my latest Ethereum chart. Thank you.
