Long

Updated

ETH Next Breakout/Breakdown <48h

Hello everyone!
It's time for another ETH chart in the USD pair, most of my viewers know that I usually do the EUR pair, but I'm switching it up a bit to reach the broader audience now.

So let's get in to my latest analysis.

The current key to more gains is the symmetrical triangle taking shape that is suggesting price of around $800.

For those who have watched my EUR chart, it has been typical for the pattern to be bullish in this particular trendline (It has repeated itself extensivly during this uptrend, which I have pointed out).

However a failure to break the resistance of $713 suggest that we need a larger retrace to around $530.

A failure to maintain the price over the support of $530 is likely to extend the downtrend and re test the supports $495-$359 - to put it simply, the upwards movement we had was simply bull trap. I do however see this scenario (bull trap) as unlikely right now - but not impossible.

Therefore I suggest that you keep an eye on the uptrend support which has held strongly during this uptrend, a deviation from that pattern and we are likely to face the scenario i described.

Good luck trading and have a nice weekend :)

Note

A look at the hourly and we can see that we have already started the path to 800, I'm expecting another rejection around the same area before we get a larger breakout.

Note

I like to give my viewers some Free Fractals™
:P

Note

Possibly the last dip Before we break out

Note

Fill in the blanks!! You know I'm right....

Note

A closer look, the trend doesn't lie

Note

Expecting the dip to go further :-)

Note

THIS is ur chance to get in a bit cheaper, to be honest im not sure how close to the support it will get but each dip probably won't go much deeper than the previous one. As i said last chance to get in before the breakout :-)

Note

Maybe dip will end at second trend

Note

Hope someone took my advice .
OVER and out for me. I won't be updating any charts until i get 50 likes.

Note

Just kidding, I'll update without likes but would be nice with some appreciation :)

Btw this drop was WEAK and we dont get strong rallies with weak drops
Another fractal is making me think we have one more down before.
I''m a bit unsure on this tho but def could happen

Note

free bullish pattern, i think this scenario is more likely

Note

This could be a scenario as well, it looks like a rising wedge so we might take a dive to the support before the breakout.

Note

As i said before the previous drop was a bit weak so if we fall from the suggested wedge it would be closer to my expectations ... ETH just looks so strong now so I'm not sure if it will happen

Note

Longer timeframe offers the potential of a larger flag with a target of a another significant trendline

Note

I'm a man of my words! Less than 24 before we will see ETH break above it's resistance. If u want to donate some of the profits to me PM me :D <3

Note

Small fakeout (up/down - or bad flag -__- ), we are still on track to break above the resistance - Lets see if we can do it within 6-7 hours :)

Note

Looks like the triangle wants another daily candle before breaking out

Note

Alot of volatility in this flag, my bottom of the flag were in the areas were we only had closing candles in, but you can actually see that the wicks of the doji's extended a bit further than that with the deepest low of $666~ ...

If we if we were to reach that price again, we are probably looking to re test $660-650 before we see the move up that I'm expecting.

The green trendline has now been broken, so the support is the black trendline just below it.

Note

Just a reminder, the pattern can break BOTH ways. I'm personally leaning to another extension of this rally.

Note

Breaking the support this deep is raising some concerns, but i think we have some other possibilitys and this is probably just a good oppertunity to add to the stack.
This idea does however leave additional room to correct (OR the whales are screwing around) :)

Note

Considering that we have good support $584 that has been tested a good couple of times, i just see this as unlikely... But lets see. If we go below there I'm not sure whats going on with this market. I'm still expecting a bounce from the area we are chilling at now - $630-650

Note

epic. Look at that pin bar.

Note

And we have a breakout

Trade closed: target reached

ethhunter

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

ethhunter