Dear traders, as I've gone through this today with my mentees, setting up the trading metrics, I don't want to withhold this information from you.
Alex from our Slack group (who is on Tradingview posting a hell of a lot under 'solitz' btw, German top author) had first realized the Bull Flag on ETH: full kudos to him.
As I'm teaching my mentees, we don't want to trade solely based on trendlines. Why? Because it's always fuzzy: All traders will draw them differently. But on the other hand, all traders will recognize significant horizontal S&R zones inside the chart:
=> The orange dots show perfectly how the parallel trendlines of the Bull Flag get respected, up to the green Equilibrium range. So once we get the break out of the blue trendlines, we wanna see the break of the green horizontal trendline too, in order to confirm the break of the previous lower Highs at $272. => This is your trigger.
So conclusion: now we basically have the chance to first go towards $300, and very important - if grandpa BTC can break the 10k and go towards 12K -definitely look for the upmove to the huge $350 S&R zone as I had analysed yesterday. If you didn't read that yet, I highly recommend that you do:
I wish you a great weekend global trading family! ;)
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Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
Last year ETH was about 600$ when BTC was around 8k ??