Ethereum Consolidation - Gearing up for Next Big Move?
Ethereum has been in a prolonged consolidation ever since touching $410. Flag pole gives us a potential PT of $775 (upside). There also looks to be an adam and eve pattern on the daily, from it we conclude a PT of $680 (low-side).
This might be far-fetched, but I also compared this consolidation to the one seen after first touching $60, where we consolidated at $50. We are currently consolidating around $300. Using $10 as our baseline, $50 was a 500% increase. On the macro, $10 to $300 is a 2900% increase. We consolidated to $50 for 5 weeks, or 35 days. 35/500 = 0.07 days/%. 0.07 x 2900 = 203 days. We topped out on 6/11/2017. 203 days, or 6.75 weeks, from then is roughly the first week of January. Coincidentally this is roughly where the pennant pattern ends.
Just worth watching, I predict sometime the last week of December, or first week of January we will break this pattern. PT $650-$800.
*This is not intended to be trading advice, and should not be taken as such. You should do your own analysis and trade based on your opinions formed individually*
This might be far-fetched, but I also compared this consolidation to the one seen after first touching $60, where we consolidated at $50. We are currently consolidating around $300. Using $10 as our baseline, $50 was a 500% increase. On the macro, $10 to $300 is a 2900% increase. We consolidated to $50 for 5 weeks, or 35 days. 35/500 = 0.07 days/%. 0.07 x 2900 = 203 days. We topped out on 6/11/2017. 203 days, or 6.75 weeks, from then is roughly the first week of January. Coincidentally this is roughly where the pennant pattern ends.
Just worth watching, I predict sometime the last week of December, or first week of January we will break this pattern. PT $650-$800.
*This is not intended to be trading advice, and should not be taken as such. You should do your own analysis and trade based on your opinions formed individually*
Trade closed: target reached