🐺ETH created a bull flag inside the ascending channel🐺
Hello traders 🐺 .
if you already read my previous idea about ETH , you definitely know that the ETH is very very bullish against BTC and this could lead to massive pump for the ETH ; otherwise I recommend to go and read my previous idea about ETH , you can find it in the related idea below this idea .
So let's start with the daily time frame :
in the daily time frame ETH is in the ascending channel which means price created HH and HL , but as you can see because of the market situation ETH is currently testing the channel lower trend line and also the important daily support structure (blue support box) , and also ETH is currently in the falling wedge or you can call this as bull flag if because this falling wedge is created after the uptrend and when price started to retracement it lead to this falling wedge pattern .
what is the price target of this pattern if ETH break to the upside ?🤔
as you know the technical target of the falling wedge is the top of the wedge which is alignment with the daily resistance structure around the all time high price at 4850$ .
if you count this pattern as a bull flag the technical target calculate like below :
as you can see the technical target of the falling wedge is exactly at 0.618 , but we are already talking about the bull flag pattern and as you know technical target of the bull flag is exactly at 1.0 Fibonacci level . I think it make sense to see the ETH reach the new all time high price because if you look at the ETH/BTC chart you can see the giant cup and handle pattern :
🐺I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for reading my idea🐺
if you already read my previous idea about ETH , you definitely know that the ETH is very very bullish against BTC and this could lead to massive pump for the ETH ; otherwise I recommend to go and read my previous idea about ETH , you can find it in the related idea below this idea .
So let's start with the daily time frame :
in the daily time frame ETH is in the ascending channel which means price created HH and HL , but as you can see because of the market situation ETH is currently testing the channel lower trend line and also the important daily support structure (blue support box) , and also ETH is currently in the falling wedge or you can call this as bull flag if because this falling wedge is created after the uptrend and when price started to retracement it lead to this falling wedge pattern .
what is the price target of this pattern if ETH break to the upside ?🤔
as you know the technical target of the falling wedge is the top of the wedge which is alignment with the daily resistance structure around the all time high price at 4850$ .
if you count this pattern as a bull flag the technical target calculate like below :
as you can see the technical target of the falling wedge is exactly at 0.618 , but we are already talking about the bull flag pattern and as you know technical target of the bull flag is exactly at 1.0 Fibonacci level . I think it make sense to see the ETH reach the new all time high price because if you look at the ETH/BTC chart you can see the giant cup and handle pattern :
🐺I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for reading my idea🐺
_____________________________________
✅OFFICAL CHANNEL : t.me/kiu_crypto
🐺 Discipline is rarely enjoyable ,
But almost always profitable 🐺
_____________________________________
✅OFFICAL CHANNEL : t.me/kiu_crypto
🐺 Discipline is rarely enjoyable ,
But almost always profitable 🐺
_____________________________________
