Right now, the thick green line, is the corresponding trendline that BTC went parabolic on, however, most of the alts failed to reproduce the same results Ethereum--one of the strongest projects-- is included in that list. After its fall from 265, it dropped back to this trendline quickly and had a strong bounce off of it. The violet line is the current resistance against Ethereum a solid break above this would be bullish and its possible action might look something similar to the orange line and a break above the light blue line would be extremely bullish. This is an important level to watch for ETH because it has another opportunity to give a strong performance. A break below the solid green trendline would mean that the next horizontal support which is also green would be (most likely) the next target, I tried to denote what this action might look like with the yellow arrow. In addition, there was a break on the RSI, but, it still broke through the 40 bullish range.
However Ethereum is an important crypto to look at given that it is on a strong trendline.
The reason I am not mentioning anything about the "symmetrical triangle" is that it occurs more so in a shorter time frame.
Previous Analysis:
However Ethereum is an important crypto to look at given that it is on a strong trendline.
The reason I am not mentioning anything about the "symmetrical triangle" is that it occurs more so in a shorter time frame.
Previous Analysis:
Comment:
**Please Note that the arrows are not relative to the timing in which this action may occur**
Comment:
I also believe that ETH might not fill the triangle and break out of the top resistance of it and consolidate there for a bit before popping such as the chart presented below: