ETHUSD Neckline broken out as presumed...and What's next?
BYBIT:ETHUSD
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As we expected, a strong bullish pattern-Cup and Handle is forming.
(Refer to last analysis about ETH)
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1. $3679.9
Previous high, key price $3679.9, is eventually broken out.
Here is a good timing to open position for conservative traders.(Aggressive traders must have opened as my last analysis)
No matter which point you long at, we're approaching to the completion of cup and handle pattern!
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2. Next?
The first time to take out the neckline, usually get consolidation easily further.
Therefore, we presume the price might keep consolidating or even retesting the neckline in near future.
Although it retests the neckline, this broken line shall be a support zone, so will not be broken down certainly.
So if you want to add anymore, should notice the price stand firm at $3679.9 or not.
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3. Targets
As our setup
Profit targets:
a) 4035.5----Fib(1)
b) 4666.45~4921.65----Fib(1.272~1.382)
c) 6355.25----Fib(2)
Anyway, never forget to control your risk
-
Let's see where ETH can bring us to!
-
If you like this analysis, give it a like and leave a comment below to share your perspective
or let me know what crypto you want to see!
Trading is a reflection of yourself. Learn more daily and be ready for every opportunity.
Have a nice trading!
-
As we expected, a strong bullish pattern-Cup and Handle is forming.
(Refer to last analysis about ETH)
-
1. $3679.9
Previous high, key price $3679.9, is eventually broken out.
Here is a good timing to open position for conservative traders.(Aggressive traders must have opened as my last analysis)
No matter which point you long at, we're approaching to the completion of cup and handle pattern!
-
2. Next?
The first time to take out the neckline, usually get consolidation easily further.
Therefore, we presume the price might keep consolidating or even retesting the neckline in near future.
Although it retests the neckline, this broken line shall be a support zone, so will not be broken down certainly.
So if you want to add anymore, should notice the price stand firm at $3679.9 or not.
-
3. Targets
As our setup
Profit targets:
a) 4035.5----Fib(1)
b) 4666.45~4921.65----Fib(1.272~1.382)
c) 6355.25----Fib(2)
Anyway, never forget to control your risk
-
Let's see where ETH can bring us to!
-
If you like this analysis, give it a like and leave a comment below to share your perspective
or let me know what crypto you want to see!
Trading is a reflection of yourself. Learn more daily and be ready for every opportunity.
Have a nice trading!
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💡Sign up through link
→Join Teaching Group for free!(PM me)
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