Hello all, and thanks for supporting the channel.
Looking at ETHUSD on the daily timeframe we see a formation of a falling wedge pattern, and that the price broke out bullish out of this formation.
Due to the fact that we did not see a strong bearish momentum, and due to the fact that we broke out bullish out of this pattern, I believe that ETH has the potential of pumping 20% before we see any further move towards the downside.
This move towards the upside will put the price at around $1900. This is the top of the weekly candles and also the measured move target of this pattern.
The Fixed Range Volume Profile provides a point of control at around $1700 which is also the 50% Fibonacci retracement level.
I believe that the price can also reach the $2000 mark to liquidate the sellers.
The long ascending line has a support point at around $1500 which ETH must hold for this bullish scenario to play out. Otherwise, I will update you with the bearish scenario and the Head and Shoulders pattern.
Thanks for reading, and stay tuned. Enjoy.
Looking at ETHUSD on the daily timeframe we see a formation of a falling wedge pattern, and that the price broke out bullish out of this formation.
Due to the fact that we did not see a strong bearish momentum, and due to the fact that we broke out bullish out of this pattern, I believe that ETH has the potential of pumping 20% before we see any further move towards the downside.
This move towards the upside will put the price at around $1900. This is the top of the weekly candles and also the measured move target of this pattern.
The Fixed Range Volume Profile provides a point of control at around $1700 which is also the 50% Fibonacci retracement level.
I believe that the price can also reach the $2000 mark to liquidate the sellers.
The long ascending line has a support point at around $1500 which ETH must hold for this bullish scenario to play out. Otherwise, I will update you with the bearish scenario and the Head and Shoulders pattern.
Thanks for reading, and stay tuned. Enjoy.