50 SMA crosses 200 SMA, first time in 2 yrs. Breakout incoming.
Lots of things to look at so let's get to it. First, we have three triangles pretty well established continually getting smaller. The first, Triangle A, was the largest, spanning ~24 days. This triangle gave us a new higher high of $158. Triangle A was followed by a sharp drop (a), and a 25 day consolidation period. Drop a and the consolidation period following gave us a new higher low of ~$108, up from the market low of $83.
Next, we had to Triangle B, which lasted ~18 days and gave us a new higher high of $163. Triangle B was also followed by a sharp drop (b), followed by a 33 day consolidation period. Drop b and the consolidation period after that also gave us a new higher low of ~$133. That brings us to the current triangle.
Triangle C, the smallest of the three, has so far lasted ~12 days and given us a new higher high of $185. You might notice that as previously mentioned, the triangles are continually getting smaller, but in a pattern. Each successive triangle has lasted 6 days shorter than the last, and given us new higher and lower numbers. This appears to all be coming to a point, which perfectly coincides with...
THE GOLDEN CROSS! It appears that the 20 day SMA will cross the 200 day SMA within the next two days, giving us a breakout upwards. The last time the 20 day SMA crossed the 200 day SMA was on the 25th of May, 2018. That let us into a huge bear market that we are just now recovering from. I realize that the first major drop was in January of 2018, but zooming out on the chart it did recover between January and May from a low of $361 on April 1st, 2018 to a high of $842 on May 6th, 2018. For the last 11 months since the last time the 20 and 200 day SMA's crossed, we have seen a decisive decline in price. Here is our reversal.
I believe that in the next two days, the price of Eth will jump from the current position to the next higher resistance point of ~$202, at which point it will retrace to test the resistance level of $160.
We see, however, that there is another cross of even greater significance directly after the 20 day crosses the 200 day SMA. The 50 day SMA is crossing the 200 day SMA, which hasn't happened since April 10th, 2018, when the 50 day SMA crossed downward across the 200 day SMA. This crossing is even more significant than the first, not only because of the larger moving averages crossing, but because this crossing in a positive direction hasn't happened since February 19th, 2017. As we all know, that entire year led us to growth and heights that culminated on 13 January 2018 with Eth rising to a new high of $1425. At the time of the last crossing, the price was at $13. That increased by a factor of ~108x!
This is just speculation, but if the price at this cross, which I believe will be around ~$180, can be in any way compared to the price at the last crossing, I believe the new ATH will be around $19,440. Wouldn't that be something?
As always, DYOR. Let me know in the comments what I got wrong here. Cheers!
Next, we had to Triangle B, which lasted ~18 days and gave us a new higher high of $163. Triangle B was also followed by a sharp drop (b), followed by a 33 day consolidation period. Drop b and the consolidation period after that also gave us a new higher low of ~$133. That brings us to the current triangle.
Triangle C, the smallest of the three, has so far lasted ~12 days and given us a new higher high of $185. You might notice that as previously mentioned, the triangles are continually getting smaller, but in a pattern. Each successive triangle has lasted 6 days shorter than the last, and given us new higher and lower numbers. This appears to all be coming to a point, which perfectly coincides with...
THE GOLDEN CROSS! It appears that the 20 day SMA will cross the 200 day SMA within the next two days, giving us a breakout upwards. The last time the 20 day SMA crossed the 200 day SMA was on the 25th of May, 2018. That let us into a huge bear market that we are just now recovering from. I realize that the first major drop was in January of 2018, but zooming out on the chart it did recover between January and May from a low of $361 on April 1st, 2018 to a high of $842 on May 6th, 2018. For the last 11 months since the last time the 20 and 200 day SMA's crossed, we have seen a decisive decline in price. Here is our reversal.
I believe that in the next two days, the price of Eth will jump from the current position to the next higher resistance point of ~$202, at which point it will retrace to test the resistance level of $160.
We see, however, that there is another cross of even greater significance directly after the 20 day crosses the 200 day SMA. The 50 day SMA is crossing the 200 day SMA, which hasn't happened since April 10th, 2018, when the 50 day SMA crossed downward across the 200 day SMA. This crossing is even more significant than the first, not only because of the larger moving averages crossing, but because this crossing in a positive direction hasn't happened since February 19th, 2017. As we all know, that entire year led us to growth and heights that culminated on 13 January 2018 with Eth rising to a new high of $1425. At the time of the last crossing, the price was at $13. That increased by a factor of ~108x!
This is just speculation, but if the price at this cross, which I believe will be around ~$180, can be in any way compared to the price at the last crossing, I believe the new ATH will be around $19,440. Wouldn't that be something?
As always, DYOR. Let me know in the comments what I got wrong here. Cheers!
