ETH - Ascending Triangle to New ATH! Target 2K+
Hello Future Ethernaughts!
Everyone ready for the bull market to resume! If traditional markets do not continue to tank, then I suspect ETH, BTC, and the rest of the cryptosphere will head up to new ATHs very soon!
ETH has been in a strong weekly uptrend since March, 2020. The weekly close from the prior ATH in 2018 was $1362.
ETH's last weekly close was $1392. Seeing as how price action is printing a bullish continuation pattern with a new weekly ATH last week, I suspect price action will resolve to the upside.
We can see ETH printing an ascending triangle on the daily. We have a nice clean trend line and the daily 21EMA holding up the bottom side of the ascending triangle.
I am bullish as long as we do not get a daily close below this support zone.
The measured move for the ascending triangle takes price action to $1650.
Looking at this formation as a bull flag would give a target of 2300.
Lastly, we can see the weekly 4.618 Fibonacci extension comes in right in-line with the measured move from the bull flag target at $2233.
I will be looking for a long entry after seeing a close above the top side of the ascending triangle.
ETH could also pull back to the bottom side of the range.
If I see a pullback, I will be looking for a better entry!
As can be seen in the related post below, BTC hit the 4.618 Fibonacci extension and I suspect ETH is going to do the same!
Sub now to stay up to date with TA for the hottest cryptos!
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Guide to My Charts
-The dark magenta horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
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Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
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Entry: 1380.00
Entry Zone: 1210 - 1445
T1: 1495
T2: 1600
T3: 1700
T4: 1800
T5: 1900
T6: 2000
Stop: 1189.53
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R:R: 3.26
Risk: 13.80%
Reward: 44.93%
Leverage: 3X
Leveraged Risk: 41.4%
Leveraged Reward: 134.79%
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
Everyone ready for the bull market to resume! If traditional markets do not continue to tank, then I suspect ETH, BTC, and the rest of the cryptosphere will head up to new ATHs very soon!
ETH has been in a strong weekly uptrend since March, 2020. The weekly close from the prior ATH in 2018 was $1362.
ETH's last weekly close was $1392. Seeing as how price action is printing a bullish continuation pattern with a new weekly ATH last week, I suspect price action will resolve to the upside.
We can see ETH printing an ascending triangle on the daily. We have a nice clean trend line and the daily 21EMA holding up the bottom side of the ascending triangle.
I am bullish as long as we do not get a daily close below this support zone.
The measured move for the ascending triangle takes price action to $1650.
Looking at this formation as a bull flag would give a target of 2300.
Lastly, we can see the weekly 4.618 Fibonacci extension comes in right in-line with the measured move from the bull flag target at $2233.
I will be looking for a long entry after seeing a close above the top side of the ascending triangle.
ETH could also pull back to the bottom side of the range.
If I see a pullback, I will be looking for a better entry!
As can be seen in the related post below, BTC hit the 4.618 Fibonacci extension and I suspect ETH is going to do the same!
Sub now to stay up to date with TA for the hottest cryptos!
---
Guide to My Charts
-The dark magenta horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
---
Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
---
Entry: 1380.00
Entry Zone: 1210 - 1445
T1: 1495
T2: 1600
T3: 1700
T4: 1800
T5: 1900
T6: 2000
Stop: 1189.53
--
R:R: 3.26
Risk: 13.80%
Reward: 44.93%
Leverage: 3X
Leveraged Risk: 41.4%
Leveraged Reward: 134.79%
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
Kommentar:
On the lower time frames, we can see the 3H 200SMA holding as support. We could wick down there to shake out some leveraged bulls before a nice upside move.
Kommentar:
The 10h bottom side support zone has confluence with the 3h 200sma. If price was to come down, then find support, we would have a potential "W" formation for a bullish continuation to a new ATH!
Kommentar:
On the more bullish side, we can see price flagging out. If the bulls can hold price above the 21EMA and this pattern resolves to the upside, then I suspect we'll see new ATHs sooner than later!
Additionally, we can see price consolidating above the POC.
Additionally, we can see price consolidating above the POC.
