Hello my dear padawans of the crypto markets. I recently published an idea about LTC where I wrote why I think this is the year crypto finally starts taking the place it deserves in the mainstream financial world. Please check the link below if you are interested in that read. Here I just wanted to talk about the broad picture for ETH.
As you can see from the chart, ETH just broke out of a rounding bottom that started on the previous ATH back in Jan 2018. That is 3 years ago. Rounding bottoms are considered a reliable reversal or continuation pattern. Within this rounded bottom we can also identify a double bottom, which pushed the price up to form the right side of the pattern.
Busted patterns normally happen before the price rises 5% from the breakout of the right rim. We are about 30% up so I don't think this will be a busted pattern at this point. There could be pullbacks though but in my view ETH will continue moving up as crypto as a whole is in a bull market. Additionally, ETH just retested the 14/21 emas on the daily so I am more inclined to believe another push up is about to happen soon as opposed to a pullback. In any case, I am accumulating at current levels and will continue to do so if we see a retracement.
Detailed view:
Good luck and safe trades!
Show your love: If you get anything out of this TA, please hit the like button so other can find this analysis quicker.
Follow for more: If you want the best entry/exits just follow me, you won't regret. Thanks a lot!
***The ideas shared here are my opinion, not financial advise to place trades. Please do your own research before buying/selling stocks***
@UnbearableLightness hello there my friend. $1,580 and $1,500 are strong support levels. If it breaks below it could go to down to retest the rounding bottom breakout level at around $1,350. We hope it doesn’t get there but it could.
UnbearableLightness
⋅
If it pulls back, what kind of level do you think we'll see?