The larger oval in this chart shows an inverted head and shoulders pattern that I pointed out last week. That pattern broke out and, at that time, a target of ~300 was declared. This type of pattern has somewhere between a 75% and 80% success at reaching the implied target.
Now, ETH/USD has blown through a rising channel resistance line in a fairly clear channel (green boundaries). While it is fun to watch the fireworks, I have to wonder if this move OVER rising support is perhaps a sign of an emotional piling on that, sadly, often does not have much staying power and at times can even signal upcoming weakness.
The only caveat that I want to throw out is the fact that this is an immature market. Sure, crytpocurrencies are not completely new, but in the grand scheme of things they are probably in their infancy. That means there could be some huge swings in the more solid issues, Ethereum being one of them.
BTW, I am somehow compelled to keep an eye on Signatum (SIGT). A new hashing algorithm locks it up from ASIC miners and as I understand it, it has tremendous privacy protections. Down hard today after a strong rally. I have mined some and continue to do so with about 20% of my resources. But it is taking a huge hit today. Take my word for nothing...
Now, ETH/USD has blown through a rising channel resistance line in a fairly clear channel (green boundaries). While it is fun to watch the fireworks, I have to wonder if this move OVER rising support is perhaps a sign of an emotional piling on that, sadly, often does not have much staying power and at times can even signal upcoming weakness.
The only caveat that I want to throw out is the fact that this is an immature market. Sure, crytpocurrencies are not completely new, but in the grand scheme of things they are probably in their infancy. That means there could be some huge swings in the more solid issues, Ethereum being one of them.
BTW, I am somehow compelled to keep an eye on Signatum (SIGT). A new hashing algorithm locks it up from ASIC miners and as I understand it, it has tremendous privacy protections. Down hard today after a strong rally. I have mined some and continue to do so with about 20% of my resources. But it is taking a huge hit today. Take my word for nothing...