ETH Has Formed A Massive Cup & Handle - Possible $2K Target
So after the ascending triangle breakdown we still have hope for a spectacular move up for ETH. If you zoom out to the weekly time frame you will notice that a GIANT cup and handle pattern has formed. We just experienced a classic 30% correction forming the handle portion.
Macro target for profit taking is just above $2K as this will be a quick move over the coming days, as I see a $450B-$470B market cap for Alts incoming. Of course we will have to monitor BTC just to make sure it doesn't spoil the fun; however I see BTC hitting $46-$47K over the next 4-5 days.
Remember this is only my formed analysis outlook. This is not an endorsement or recommendation to buy or sell.
Macro target for profit taking is just above $2K as this will be a quick move over the coming days, as I see a $450B-$470B market cap for Alts incoming. Of course we will have to monitor BTC just to make sure it doesn't spoil the fun; however I see BTC hitting $46-$47K over the next 4-5 days.
Remember this is only my formed analysis outlook. This is not an endorsement or recommendation to buy or sell.
Here's an up close view of the handle portion. About a 32% drop from the local high down to the lowest Fib retracement level.