IF we are able to smash through the between 390 and 407 I believe this could send ETH into one of its' biggest bull runs yet.
As you can see on the chart, it appears ETH has formed a giant . Now if the size of the triangle reflects the magnitude of the breakout, this could be huge.
We have also just broken AND bounced off the . I believe this has put ETH in an extremely position.
However, this will only be ETH's second test of the , so a breakout is not guaranteed.
My plan of action:
IF we break into the I will add to my long from $340
My target from there would be the previous ATH of 410.
IF we break through that level I will once again add to my long.
My main targets from there are shown in gold on the chart above. They are 481 and 576.
However, I will likely take profits at intermediate which are also shown above.
There is always the possibly that ETH could hit the and bounce off.
If this happens, I will likely take profit from my previous long and wait for a clear re-entry.
The blue lines within the triangle represent possible support levels.
Lets hope for the better of the two!
This could go down in history as The Great Ascending Triangle
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
It is very early in the consolidation phase to know the perfect entry, and no one truly knows how long this consolidation phase will last.
However, it does appear we have started to form a flag.
IF we break upwards from this flag I will likely place a long and I will monitor it closely.
A very bullish signal would be a break in 482 from that point. However there is always the chance ETH will continue its consolidation phase downward or sideways.
I will try to keep you all updated on my position as this progresses.
I wish you all luck!
However, IF we fall back to the major trendline and find support I WILL place my LONG. This will allow me to run a very tight stop/loss with minimal risk.
A break in that line would be my stop/loss, and would be an indication of a further retracement.
IF history does not repeat itself, and ETH goes smashing through that white upper trendline, I will place my long then and just wish I placed sooner :D
I lost significant amount overnight due to doubling up over 482, and a very poorly placed stop/loss.
This is a very dangerous game we play; we must always double check to make sure everything is set up properly. Otherwise this goes from trading to gambling!
Thanks to this BTC I was able to just enter @ 482
sub targets shown below, main target of 574 still in place.
Added to position at 415. Order was unable to fill at 403.
Sorry for late update. TV has been down.
Support should now be 486.
IF we smash through 576. TP 756 becomes active.
Minor resistance levels are also shown below.
This is ETH’s time to shine.
IF you have found my analysis helpful.
Donations are always greatly appreciated
ETH : 0xEEcD7Ce6E22AfA6083074c4CCd326Be0b1C932d9
I wish you all good luck!
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