The Great Ascending Triangle

POLONIEX:ETHUSDT   Ethereum / Tether USD
After what seems to of been months of consolidation, ETH is finally on the move, and very rapidly.

IF we are able to smash through the resistance zone 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 ascending triangle . 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 RSI trendline . I believe this has put ETH in an extremely bullish position.
However, this will only be ETH's second test of the resistance zone , so a breakout is not guaranteed.

My plan of action:

The Good:
IF we break into the resistance zone 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 resistance zone which are also shown above.

The Bad:
There is always the possibly that ETH could hit the resistance zone 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.
評論: Target 1 hit @ 45.3% profit.
評論: 456 seems to serve as support, and 482 is the major resistance level.
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!
評論: IF this turns into a full fib retracement, look for major support at the 431 & 401 levels.
評論: Based on the chart, it "appears" ETH is gaining Bullish momentum... However, we have already been fooled once. We've already seen a bounce off support, break in downward line, a higher higher, and then a bounce off a previous trendline. THESE ARE ALL BULLISH SIGNALS. However, history is our guide into the future, I am hesitant to enter a long yet.
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
交易進行: Lets hope we break 482 :D
評論: BTC seems to want to take everything down with it! Trade carefully!
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!
交易進行: Missed my entry last night.
Thanks to this BTC I was able to just enter @ 482
sub targets shown below, main target of 574 still in place.
Good luck!
評論: Things are starting to look awfully similar.
Added to position at 415. Order was unable to fill at 403.
Sorry for late update. TV has been down.
評論: In time ETH will shine
評論: Primary Target Still Remains 576. I expect some resistance in this range.
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!
評論: $3 away from hitting target. I am still in this trade.
評論: 750 it is :D
交易結束:目標達成: TP: 750 hit :D
756 still in sight ????
oh92 AgonAliu
@AgonAliu, yes. expect some consolidation. though.
+1 回覆
@oh92, Amen to that man. Respect for your analysis!
still target at 575?
the only way I've managed to not get shot this time, was having not stop loss. Liquidation was 418. Watching that recovering candle decrease my loss as we speak.
oh92 MancTradings
@MancTradings, Good! I would've been much better off without one as well. As long as BTC doesnt dip more, you should get a decent recovery. I went to bed confident that it wasn't even going to come close to my stop/loss. Very foolish mistake. Especially after doubling up over 482.
@oh92, I was more gutted that I was 53 cents of my 450 long stop then had to enter at 482 but hey. Live and learn. thank you for all your posts as well.
mmhhh... done, but i expect a lil retracement
go go go go
Thanks! Love you more than, the last time... LOL
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