ETH/USD Chart Update Shows Typical Action - Setup for High 700's
Just a few things to note in this chart.
First, this is a logarithmic chart. Use not other kind of chart if you want to make any sense at all from cryptocurrency charts.
Coming off of the sharp pull back to just under 400, we see a green rising channel that was interrupted with what NOW appears to be a bull flag (blue short descending channel). that Bull flag broke out, but the reversal has not yet completed. it looks to my eye to be a potential inverted head and shoulders pattern that has a nearly flat neck line (in maroon/purple). Getting OVER this neck line should be a short term setup for the high 700's.
Before it is all said and done, this chart projects a move over 1000 based upon a longer range chart that shows a multi-month consolidation triangle that has been fully confirmed and has already had a healthy pull back with a successful show of support just under 400.
If this is helpful and you want to see more updates, you can encourage me with a small gift...
ETH - 0x644d35499bd388057A34Ce95A4BaB27b6D919678
LTC - LMkPfTzLvLpyN494w42yY134rw1Wa5m55f
BTC - 1MhNPTKtUxy4hU8yGhJ7hA2A2UHVZdqKv9
First, this is a logarithmic chart. Use not other kind of chart if you want to make any sense at all from cryptocurrency charts.
Coming off of the sharp pull back to just under 400, we see a green rising channel that was interrupted with what NOW appears to be a bull flag (blue short descending channel). that Bull flag broke out, but the reversal has not yet completed. it looks to my eye to be a potential inverted head and shoulders pattern that has a nearly flat neck line (in maroon/purple). Getting OVER this neck line should be a short term setup for the high 700's.
Before it is all said and done, this chart projects a move over 1000 based upon a longer range chart that shows a multi-month consolidation triangle that has been fully confirmed and has already had a healthy pull back with a successful show of support just under 400.
If this is helpful and you want to see more updates, you can encourage me with a small gift...
ETH - 0x644d35499bd388057A34Ce95A4BaB27b6D919678
LTC - LMkPfTzLvLpyN494w42yY134rw1Wa5m55f
BTC - 1MhNPTKtUxy4hU8yGhJ7hA2A2UHVZdqKv9
Comment:
This call worked itself out just fine but not before taking a rather circuitous route. Charting these things is like time lapse photography. They move so fast compared to anything else it is just crazy.
Target of 1000+ still looks great. 1080 to be a bit more exact... if the word exact could ever apply to a crypto chart...
Target of 1000+ still looks great. 1080 to be a bit more exact... if the word exact could ever apply to a crypto chart...
Long term 1000+ target is still in place but the path now looks like it will have some twists and turns and not be a straight line.