We can expect a continuation of the bullish trend until at least next week, and here is my technical reasoning for why.
1. We saw a bit of bullish strength at (1), where the price broke above the top trend line. We witnessed a battle between sellers and buyers with sufficiently high volume, and the profit-taking drove prices lower.
2. However, at (2), we saw high volume buying and demand that increased the trend line's steepness, signaling the bullish strength increase.
3. the price can come back down to the zone at (3) if more sellers still want to get out.
4. Look at the high volume at {4) at the top of the downward trend line. We have some selling taking place. You will see a very low-volume profile when you zoom into lower timeframes like M5. This signals that we no longer have anyone interested in selling at this level.
5. When the price comes back around, this level should break, and it should take us to $1800
The max potential at this time for ETH is at around $2050. At about $2000 is when I will be evaluating taking profits on this bull run. Also, keep in mind that the FED meetings are next week. That will set the tone/direction for the next 30 days.
I know I promised you guys more often analysis when I became active in TradingView. I apologize, but please be reassured that my free time has been spent building the system because writing these takes time. I'm very active in the group chat if anyone is interested in joining. Follow me so you don't miss my future posts when I become a regular poster again. I expect to start it back up very soon. Please ask any questions you have in the comments.
Happy trading!
Not financial advice. Trade at your own risk.
1. We saw a bit of bullish strength at (1), where the price broke above the top trend line. We witnessed a battle between sellers and buyers with sufficiently high volume, and the profit-taking drove prices lower.
2. However, at (2), we saw high volume buying and demand that increased the trend line's steepness, signaling the bullish strength increase.
3. the price can come back down to the zone at (3) if more sellers still want to get out.
4. Look at the high volume at {4) at the top of the downward trend line. We have some selling taking place. You will see a very low-volume profile when you zoom into lower timeframes like M5. This signals that we no longer have anyone interested in selling at this level.
5. When the price comes back around, this level should break, and it should take us to $1800
The max potential at this time for ETH is at around $2050. At about $2000 is when I will be evaluating taking profits on this bull run. Also, keep in mind that the FED meetings are next week. That will set the tone/direction for the next 30 days.
I know I promised you guys more often analysis when I became active in TradingView. I apologize, but please be reassured that my free time has been spent building the system because writing these takes time. I'm very active in the group chat if anyone is interested in joining. Follow me so you don't miss my future posts when I become a regular poster again. I expect to start it back up very soon. Please ask any questions you have in the comments.
Happy trading!
Not financial advice. Trade at your own risk.
Comment:
Keep in mind that this triangle is being formed
It should break by Sunday, but I also see a possibility of this being a market top. Many expect $2k for ETH and $25k for BTC, but what many want is not what happens. We could sit at the top of this short bull cycle before turning down again. Watch this triangle very carefully.
Momentum is your friend. Think beyond the box, expand your reality and you will be ahead of the trend.