ETH/USD Pair has Broken Out of Consolidation - target is 1000+
ETH/USD has moved up strongly higher on 11/22 and 11/23. A traditional chart analysis based upon historical patterns reveals a triangle consolidation pattern that now appears to be breaking out. Using a log chart and measuring the depth of the consolidation pattern, ETH/USD now has a projected target in excess of 1000.00 USD. This is using a tried and true method for measuring targets that takes the depth of the consolidation area (in red) and uses the SAME length line to measure the target from the point of breakout.
This could also be viewed as large channel, with the first leg taking ETH/USD from the mid teens to 400 - followed by the consolidation (a 'corrective wave') and now the next leg up begins. If this channel were to remain as such, the 1000+ target is nowhere near the upper line of resistance. This could get very interesting.
Someone say hi to Jamie Dimon for me.
This could also be viewed as large channel, with the first leg taking ETH/USD from the mid teens to 400 - followed by the consolidation (a 'corrective wave') and now the next leg up begins. If this channel were to remain as such, the 1000+ target is nowhere near the upper line of resistance. This could get very interesting.
Someone say hi to Jamie Dimon for me.