Hey traders, I hope you be fine! This afternoon I was watching my last ETHUSD analysis (linked bellow), and it took me a couple of minutes to realise that there is a big ascending triangle pattern right now in Ether.
If you visit my last ETHUSD post, you will notice that the $850 target price was reached two days ago as predicted, and curiosly it has become the new resistance line of the price. As you can see, Volume has been decresing since the beginning of the formation of the pattern, which is a great signal that support the idea of a triangle pattern formation!
Addionatly, MACD is about to get to a new inflextion point which is a great bullish signal, and therefore can be a great entry point. So, what can we expect from this? If triangle pattern consolidates, its quite probable ETHEREUM price will get to $1.000 target by Chistmas, which is an amazing profibiality considering that this is a short term investment. I hope this will be my Christmas gift!
MY ORDERS BUY LIMIT: 875 Why BUY LIMIT ? In the majority of the cases when a triangle breakout occurs, price use to test again its last resistance line, which now becomes its new support line.
Take Profit 1: 950 Take Profit 2: 1040
Remember numbers can vary depending on your risk profile and price expectations. The numbers I propose should be use as a reference :)
If you find this analysis helpful, don't forget to follow, like and comment. I use to upload new analysis every day :)
Its shocking to see what just happened, but if you have money to invest THIS is the time to get in.
Juanchobanano
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Hey @Amit26 :) You are right, but first we have to make sure market starts giving recovering signals. I ll update a new analysis soon on BTC and ETH.
Amit26
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@Juanchobanano, They are bouncing up, looks like the correction is over, we are heading for a new ATH ??
Amit26
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@Amit26, Also, $10000 was a strong support zone for BTC, bouncing from 10000 was somewhat expected. So may be the correction is over
khandujarohan
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What happens now?
Juanchobanano
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Hey @khandujarohan :)! Unfortunately this analysis is not valid anymore. We were wtitnesses of the biggest short of bitcoin so far. I ll try to update a new analysis soon on BTC and ETH.