So I think ETH is in a good R/R position to go long, soon... It looks to have broken out of the longer term trend, that brought it down from the peak and is now trying to figure out what the boundaries of the upwards trend should be. The last few days other markets have been in an undecided position, but both DAX and SPX500 have broken shorter term upwards trends and are trading along the top of a larger declining trendchannel, looking to pullback or do some sort of correction (I'm personally short on DAX from 12.400 as of sept. 23rd). Gold is looking to breakout higher, and looking back a decline in markets can be a momentum generator for crypto. As people are undecided on BTC , ETH might be the one to gain from these movements, looking to confirm the possible channel we're looking at now.
If we see a close on DAX below 12.300 and SPX500 below 2.980, I think the steup is beginning to look promissing of ETH starting to move towards 400, but not before we touch on that area around 170.
Everything is lining up nicely, so lates keep watching and see what happens from here. As always everything could go south in a day :)
Hope you found some inspiration in this very simple chart, sometimes simplicity illustrates a point better.
If we see a close on DAX below 12.300 and SPX500 below 2.980, I think the steup is beginning to look promissing of ETH starting to move towards 400, but not before we touch on that area around 170.
Everything is lining up nicely, so lates keep watching and see what happens from here. As always everything could go south in a day :)
Hope you found some inspiration in this very simple chart, sometimes simplicity illustrates a point better.
Trade closed: target reached:
That came faster than expected :)