I like the look of this bull pennant that is developing on the 2-hour. The value of Eth has been in a solid and steady bullish trend since July 19th and, just recently, a very exciting push that created the pole of this pennant, Applying Fibonacci levels from the base of the pole (the strong bull-run that began August 31st) to the most recent high just over the $4000 mark. I see the expected support/resistance patterns at the predictable Fib levels.
The falling wedge pattern that developed yesterday popped predictably, if not overwhelmingly, this morning and it is now evolving into a classic bull pennant with support at the 0.236 Fib level. I expect the breakout to occur within the next 24 hours.
The arrows I've drawn are admittedly very optimistic but charting 101 tells me that a bullish breakout of this pennant will throw the price straight into another spirited run, very similar to the run that created the original pole of the pennant. Unfortunately, there's a lot working against us right now; it's a holiday weekend and there are psychological implications at both the (very round) $4000 number and the ATH (all time high).
Still, I feel extremely confident that we'll get at least a little excitement when it breaks out sometime tonight or tomorrow. Hodling or taking a new long position before it pops are where-it's-at today.
Follow me if you like what see here and I welcome your comments. Good luck!
-MrDamage
The falling wedge pattern that developed yesterday popped predictably, if not overwhelmingly, this morning and it is now evolving into a classic bull pennant with support at the 0.236 Fib level. I expect the breakout to occur within the next 24 hours.
The arrows I've drawn are admittedly very optimistic but charting 101 tells me that a bullish breakout of this pennant will throw the price straight into another spirited run, very similar to the run that created the original pole of the pennant. Unfortunately, there's a lot working against us right now; it's a holiday weekend and there are psychological implications at both the (very round) $4000 number and the ATH (all time high).
Still, I feel extremely confident that we'll get at least a little excitement when it breaks out sometime tonight or tomorrow. Hodling or taking a new long position before it pops are where-it's-at today.
Follow me if you like what see here and I welcome your comments. Good luck!
-MrDamage