ETHUSD Possible Cup and Handle Bullish Pattern on Weekly Chart?
Was looking at the weekly chart for ETHUSD and noticed that is the price keeps moving upwards to the 360 region, a cup pattern may form.
Its a very long-term pattern and many things have to happen for it to play out:
a) Price must already have seen the bottom at $116+
b) Price must keep trending upwards and get a minor rejection at $360+ level.
c) The correction must only be max up to around $280 (1/3 of the cup from the top).
d) The price must trend upwards and breakout at $363 with at least 2 daily candles above this price point. Possible stop loss below this area especially if you are already in profit.
e) The price will continue to uptrend and reach target of $610 around mid 2021.
Furthermore, ETHUSD EMA50 and MA100 on daily chart is now at a critical point. A bullish cross here would mean a long-term uptrend. Check out ETHUSD chart and you will find that historically these moving average crossing signals major long-term uptrends and downtrends.
Its a very long-term pattern and many things have to happen for it to play out:
a) Price must already have seen the bottom at $116+
b) Price must keep trending upwards and get a minor rejection at $360+ level.
c) The correction must only be max up to around $280 (1/3 of the cup from the top).
d) The price must trend upwards and breakout at $363 with at least 2 daily candles above this price point. Possible stop loss below this area especially if you are already in profit.
e) The price will continue to uptrend and reach target of $610 around mid 2021.
Furthermore, ETHUSD EMA50 and MA100 on daily chart is now at a critical point. A bullish cross here would mean a long-term uptrend. Check out ETHUSD chart and you will find that historically these moving average crossing signals major long-term uptrends and downtrends.
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