DU09

ETH/USD - Bullish ascending triangle, ATH in danger

Long
BINANCE:ETHUSDT   Ethereum / TetherUS
ETH is curving nicely in a bullish ascending triangle . With BTC also moving in a bullish pattern (see link below to my chart), the market seems ready to push higher.

Before celebrating, however, we need to get confirmation. That will happen once we pass the top resistance of the triangle. After that there is little reason to think we can't aim for ATH .

MACD is also curving and just printed a positive bar on the histogram, bullish . If this confirms, we at the start of a bullish move higher.

Bias remains bullish until we breakdown from this triangle.

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Comments

How do oyu confirm its breaking out? a close of 1 hour candle above? Always makes me so nervous trying to catch the breakout point.
+1 Reply
DU09 whereislucas
@whereislucas, We just crossed the top resistance. Always good to look at multiple timeframes and see if we get a nice bounce off the previous resistance. 1h sounds good as well. See here a nice example from GRT. We broke out of the wedge.
+1 Reply
@DU09, thanks for the response. I guess im looking for an hour or more close over the top of the resistance. Looks like btc and eth both have confirmed they are now over the top.
+1 Reply
whereislucas whereislucas
@whereislucas, What gets me though is that on btc and eth the volume didnt really travel up with the break out, which should shoow weakness and low support of the trend. I mean thats a given people are scared but when its breaking out with low volume wouldnt that mean very easy to come back down?
+1 Reply
DU09 whereislucas
@whereislucas, You are right of course, the ideal scenario is to have a volume pick up. But this is not always the case, to me ETH looks good now, we re-tested the line so if BTC is of any indication, we will go higher (BTC appears a step ahead).
+1 Reply
DU09 whereislucas
@whereislucas, Seems this was confirmed, including the volume:
Reply
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