There is a fantastic, high quality flag pattern that has formed in Ethereum. I just posted a video about the morning star and pinbar bullish setups in the daily candles and now we can see a strong bullish flag pattern in the hourly chart. This is creating a confluence of signals that all are pointing to a bullish breakout. If the breakout occurs it could set up ETHUSD for a 400-500$ run. Place a 100$ stoploss would offer a very attractive 1:4 or 1:5 Risk/Reward setup.
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The first video
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I just posted a video of a very bearish setup on BTCUSD. If you are long or wanting to get long just beware since a crash in Bitcoin will pull Ethereum down with it.
I think it's too early for the price to burst up, if you look at the wave, the retracement is barely at 20%, it could easily go down to 60% before spiking up again
krugman25
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@ertetris, Good point and you may be right on this. Retracements can sometimes be shorter if the preceding trend was very strong, which is normally the case in a good flag pattern. But as the case you make that is why you never enter the trade until the flag is officially broken. If it breaks now or breaks in a few weeks, in either case you are getting in on the right side of the pattern.