TradingShot

ETHEREUM breaking above the 1D MA50 = RALLY

Long
BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
ETH closed above its 1D MA50 (blue trend-line) for the first time since the May correction. Since the March 2020 COVID collapse, that has been an early indicator for an upcoming rally.

On this post, I've plotted the Fibonacci Channel on Ethereum's price action since March 2020. As you see the RSI is also a rough indicator of when the price tends to break above the 1D MA50 as it has an approximate 60.00 break-out level.

Once that level breaks, it has taken ETH either 132, 137 or 70 days to reach its next top on the Fibonacci scale. As you see tops are progressive one level higher each time (first 1.0 then 1.5 and the most recent in May on 2.0 Fib). Technically we may assume that the next Top will be at 2.5 or higher but certainly that appears to be a very high level from the current prices especially if it technically "needs" to be achieved in 137 days (or even worse 70 days) as the model suggests.

Do you think that ETHEREUM priced its bottom and if so is the 2.5 Fib extension the next target?


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