Ethereum Chart Analysis , Facing Resistance?
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Chart legend:
Uptrend= Blue
Take profit= Red
Symmetrical Triangle= Purple
I decided to include past analysis, because it will be useful for this one.
As you can see, it formed a symmetrical triangle, which broke out upwards, and the take profit is the height of the triangle!
Now, there are 2 ways of looking at this point:
1- Either price maintains the secondary trendline, breaking $1000 (resistance) and keeps climbing (I'm not sure about this one, the trend has a lot of inclination, and RSI is close to 70%)
2- If Price does not break the $1000 resistance, following a similar pattern as day 19/12/2017, it will break the secondary trendline, moving all the way down to 61.8 retracement (acting as support), retesting the 78.6 retracement, going back down to the major trendline but not breaking it!
I would wait now for a bearish signal and then I would enter, putting a stop loss at $1017.
Feel free to ask me anything in the comments down below!
Disclaimer: I'm not a financial adviser, I'm not responsible for any losses due to following my chart analysis!
Uptrend= Blue
Take profit= Red
Symmetrical Triangle= Purple
I decided to include past analysis, because it will be useful for this one.
As you can see, it formed a symmetrical triangle, which broke out upwards, and the take profit is the height of the triangle!
Now, there are 2 ways of looking at this point:
1- Either price maintains the secondary trendline, breaking $1000 (resistance) and keeps climbing (I'm not sure about this one, the trend has a lot of inclination, and RSI is close to 70%)
2- If Price does not break the $1000 resistance, following a similar pattern as day 19/12/2017, it will break the secondary trendline, moving all the way down to 61.8 retracement (acting as support), retesting the 78.6 retracement, going back down to the major trendline but not breaking it!
I would wait now for a bearish signal and then I would enter, putting a stop loss at $1017.
Feel free to ask me anything in the comments down below!
Disclaimer: I'm not a financial adviser, I'm not responsible for any losses due to following my chart analysis!
Note
Since we didn't get a bearish signal, I didn't enter the trade, but for those who entered, Target 1 - $1114 and Target 2 - $1193, also, beware of correction after this targets
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