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 that price has been trying to breakout from. This is a sign.
2. The symmetrical triangle as outlined by the green lines are still intact and valid. This is another 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 sign.
4. What was previously a ( ) has now turned into a as outlined by the tangerine lines. This is the best 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! :)
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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. ;)
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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!