Looking at ETHUSD on the daily timeframe, we see the price of ETH has reached the apex of the symmetrical triangle. As such if the price breaks towards the upside, I expect that we will see the price going up at least 65%, which is the top of this pattern and the $3000 level. We can expect some resistance and a pull back at the fib golden pocket level.
We should keep an eye on the ascending line of support, and the $1500 Level. In the event the price breaks below $1500, we will head towards lower prices, $1400 then $1000. Next we must hold the long (yellow) ascending line of support or else we will see three digit prices for ETH.
Definitely interesting time to be trading the market.
Thanks for reading, and stay tuned. Enjoy.
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16 minutes before the US core inflation rate. Keep an eye on the $1330 / fib golden pocket level.
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And very bad news. we broke bearish out of the symmetrical triangle. This pattern's measured move suggests that we are going to $1000-$880
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If we lose this $1270 level, we shall go to $500. Technically speaking.
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This sideways move means we are about to see a big move either up or down. But it is about to happen.