ETH nearing the apex of a mid to long term triangle.
Updated
Take a look at this daily chart. The lower orange trend line has been acting as support since July 2017. The upper orange descending resistance line has been tested multiple times since the ATH. It has been a slow sail back down to this support line and I expect to touch it again soon. I expect the long term trend line to continue as support and break the mid term resistance line to the upside. I am looking for another test of that support line soon, as we didn't quite touch it to prove a bottom in this latest correction.
I have marked multiple light blue resistance/support lines that I have noted over the last couple months as levels to keep my eyes on as price action approaches the apex. Putting them in the soup along with RSI, MACD and multiple EMAs from 20-200.
When I'm unsure of what to do, I like to zoom out. Putting on a wider lens usually relieves to pressure I feel to do something. I am long in ETH and comfortable with my position, even though ETHBTC is down, I think we will see a reversal soon (I am also long in BTCUSD).
Thanks for reading, I've only been studying financial instruments for a couple months, so all feedback and up votes are deeply appreciated.
May all life's fortunes be yours.
I have marked multiple light blue resistance/support lines that I have noted over the last couple months as levels to keep my eyes on as price action approaches the apex. Putting them in the soup along with RSI, MACD and multiple EMAs from 20-200.
When I'm unsure of what to do, I like to zoom out. Putting on a wider lens usually relieves to pressure I feel to do something. I am long in ETH and comfortable with my position, even though ETHBTC is down, I think we will see a reversal soon (I am also long in BTCUSD).
Thanks for reading, I've only been studying financial instruments for a couple months, so all feedback and up votes are deeply appreciated.
May all life's fortunes be yours.
Note
I am also aware of a 5 day *potential* H&S pattern nearly completed on the 4 hour chart. Neckline is at 911. If I see a fall below, I may short briefly, expecting to retrace as far as 840 but probably finding support at 851. I still think by the 3rd week of March we will see substantial upside action.Note
Two of my light blue lines have acted as support and resistance on the daily since posting this :)Note
Look at that!!Note
Broke down out of the triangle and has begun to rally upward from there. Watching indicators closely, as well as ETH/BTC pair.
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