ETHUSD, Possible Pennant to the Moon Forming
ETHUSD looks like it may be a solid trade for some profit. Possible pennant forming on Ethereum, which actually typically forms pennants / bull flags / inside bars before major moves up, even more than I've noticed on other cryptocurrencies. Buy side seems to be quite solid on it after running to the bottom of the pennant just a few hours ago on 7/21/17. I also noticed what looks like a possible inverted head and shoulders, the only problem is that the volume profile doesn't match for it (volume indicator not included on chart). The volume is too high on the right shoulder... Although there were a few black swan type events that could have screwed that up. Such as the news release of EEA3 (bullish news release), and a possible smart contract wallet hack (bearish). These events kept us within the pennant and caused us to bounce from the top to the bottom.
More importantly I wanted to point out on a different chart, ETHBTC, we seem to have a possible bull div forming, with a triple bottom bullish chart formation. I'll see if I can upload that in the comments below. That one really has me excited because I know that bitcoin has a high price target on it by Goldman sachs, who seemed to say something along the lines of establish an entry between 1800-2300 and a price target of 2900-3900 (have not done total due diligence on that Goldman Sachs report, please perform your own due diligence).
Hard to put a price target on this for the short term, but I would say $270 is quite possible IF we break out to the upside. Safest position would be to acquire after 2 green 4 hour candlesticks with volume on a breakout to the upside of the pennant.
I'm not a certified securities professional, and I am not qualified to make a recommendation. I am not making a recommendation. Past performance is not indicative of future performance. Please do your own due diligence, or consult with your financial advisor before making any financial decisions.
More importantly I wanted to point out on a different chart, ETHBTC, we seem to have a possible bull div forming, with a triple bottom bullish chart formation. I'll see if I can upload that in the comments below. That one really has me excited because I know that bitcoin has a high price target on it by Goldman sachs, who seemed to say something along the lines of establish an entry between 1800-2300 and a price target of 2900-3900 (have not done total due diligence on that Goldman Sachs report, please perform your own due diligence).
Hard to put a price target on this for the short term, but I would say $270 is quite possible IF we break out to the upside. Safest position would be to acquire after 2 green 4 hour candlesticks with volume on a breakout to the upside of the pennant.
I'm not a certified securities professional, and I am not qualified to make a recommendation. I am not making a recommendation. Past performance is not indicative of future performance. Please do your own due diligence, or consult with your financial advisor before making any financial decisions.
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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.