ETH / USD - Resistance Flipped Support, Re-test then Breakout
Updated
Ethereum recently broke it's all-time high, held well above it, and is now showing us that this old weekly resistance has now become support. It has also formed a new psychological resistance at $2000, but if you look at the BTC pairing, we should achieve a significantly higher high than this.
BTC pair wants to head back towards 0.062 area, which is nearly double where we currently sit (that said, BTC itself can move changing the dollar value of eth upon reaching that - if we move up, it'll be a higher high for eth usd, if BTC moves down, it will be a lower high for eth usd).
We've tested breaking upwards far more than we've tested the opposite. During our re-test, it looks like we're beginning to form a W pattern. If we break $1680-1700, we confirm our W.
I believe we're gearing up to head into price discovery and a new all-time high. I like a mid-term target of around 2800-3k, which could go as high as 4-6k, or as low as 2350 depending on what BTC does, but that's if we break 2040 and complete the W pattern. This chart is predicting we complete that pattern and revisit 2k.
This is the 4H heiken ashi chart. Related longer-term ideas area linked below.
BTC pair wants to head back towards 0.062 area, which is nearly double where we currently sit (that said, BTC itself can move changing the dollar value of eth upon reaching that - if we move up, it'll be a higher high for eth usd, if BTC moves down, it will be a lower high for eth usd).
We've tested breaking upwards far more than we've tested the opposite. During our re-test, it looks like we're beginning to form a W pattern. If we break $1680-1700, we confirm our W.
I believe we're gearing up to head into price discovery and a new all-time high. I like a mid-term target of around 2800-3k, which could go as high as 4-6k, or as low as 2350 depending on what BTC does, but that's if we break 2040 and complete the W pattern. This chart is predicting we complete that pattern and revisit 2k.
This is the 4H heiken ashi chart. Related longer-term ideas area linked below.
Note
Update - an alternative to the W pattern that is possible now is Adam and Eve formation:
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