An idea for ETHUSD suggesting a large breakout
The breakout is a copy of BTCUSD parabolic rally 2017
A wedge can be created with strong trend lines shown by the dotted lines and the lower line of the triangle.
This is the BTC pair for XLM
As you can see it is settling just above a horizontal line in white that has been seen as support (in green circles)
I expect to the breakout to be quite aggressive just as the prior ones, hence the bars pattern in green up to the horizontal resistance level.
The first initial bull structure shows two bullish peaks leading to a massive moon shot
the second and third along the trend line are both falling wedges and seem to be breaking out similarly.
Very bullish right now.
A large falling wedge structure which is a bullish structure
This will be a break out of a larger long term structure that the falling wedge is encompassed in
The structure on the Weekly is quite flat, we might see Uptober for bitcoin and altcoins.
A triple bottom has formed along the green horizontal line.
This is within a down channel so I expect once a small bounce happens upwards, continuation downwards will occur.
If this downwards continuation does not occur, assume full bullish.
Wow REP has seen some bearish action.
Could it be time for a reversal? supporting this is the resistance turned support on this large down trend line.
Accompanied by a falling wedge which is a bullish structure.