ETHUSD: 4 week waiting game

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Ethereum fails to benefit from Bitcoin's rally. As to what this indicates, I have no idea. It could be investor uncertainty and doubt. Perhaps money is waiting for Bitcoin to pause for breath at a higher level, before it can be re-invested in more speculative cryptos.

The trendlines for ETHUSD are easy. We are awaiting a breakout of a 6 week consolidation, of which we have 4 weeks left before a break is inevitable. Below, a drop to trendline support. Above, a break to resistance that has held price twice before.

Obviously, the happier scenario is a break UP. Which is my bet (I'm long). If we begin to break the lower trendline with conviction, I will exit and happily re-enter at a better price.

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