ETH Bull waves / Triangle Breakout & resistance breakout ?
Hey guys ,
first let me introduce myself. I am Daniel 26 from switzerland and i am doing technical analysis on crypto currencies. I only focus on the technical side and not on news or anything else. I have also a discord group wich you can fine on my profile. I also try to do this analysis as simple that everyone can understand , even peoples who dont know about trading and technical analysis.
So now about the ETH :)
As you can see i use a wave off moving avarages , on this you can see what we are in a good bull trend wich started around April 6. on the early turn and get a confirmation in longtherm around April 13. when also the 100-350 moving avarages changed there direction into a bull trend.
So this is our first note we take that we are in a bull trend ( Bullish means moving upwards / Bearish would be moving downwards)
We can also exploit a triangle pattern wich is build. On triangle patterns we usually look for a breakout wich means that the candles will break trough one off the triangle lines ( black doted lines ) either downside or upside. But as we actually know we are in a bullish trend we gonna expect that pattern to breakout on the upper triangle line. Our triangle pattern have a size around 17% wich means if we have a breakout we will possible be able to make 17% gain in the way it breaks out. In my thoughts with the bulltrend that means that i would predict ETH to be around $750.
Possible killers ?
In the chart you can also see the two red horizontal lines wich are resistance lines. These lines can be potential killers for my analysis but in fact these are not really strong resistance lines yet i am not to much worried about them. They are not really strong because the hade only one test till this point wich means we only bounced back once off them. So i think we can break trough it easly.
Down below you will find some more charts with detailed Points wich i figured out here in the describtion. They are just for you to understand the analysis more.
first let me introduce myself. I am Daniel 26 from switzerland and i am doing technical analysis on crypto currencies. I only focus on the technical side and not on news or anything else. I have also a discord group wich you can fine on my profile. I also try to do this analysis as simple that everyone can understand , even peoples who dont know about trading and technical analysis.
So now about the ETH :)
As you can see i use a wave off moving avarages , on this you can see what we are in a good bull trend wich started around April 6. on the early turn and get a confirmation in longtherm around April 13. when also the 100-350 moving avarages changed there direction into a bull trend.
So this is our first note we take that we are in a bull trend ( Bullish means moving upwards / Bearish would be moving downwards)
We can also exploit a triangle pattern wich is build. On triangle patterns we usually look for a breakout wich means that the candles will break trough one off the triangle lines ( black doted lines ) either downside or upside. But as we actually know we are in a bullish trend we gonna expect that pattern to breakout on the upper triangle line. Our triangle pattern have a size around 17% wich means if we have a breakout we will possible be able to make 17% gain in the way it breaks out. In my thoughts with the bulltrend that means that i would predict ETH to be around $750.
Possible killers ?
In the chart you can also see the two red horizontal lines wich are resistance lines. These lines can be potential killers for my analysis but in fact these are not really strong resistance lines yet i am not to much worried about them. They are not really strong because the hade only one test till this point wich means we only bounced back once off them. So i think we can break trough it easly.
Down below you will find some more charts with detailed Points wich i figured out here in the describtion. They are just for you to understand the analysis more.
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Here you can see the point where the trend started to change on the first circle , and the confirmation on the second circle
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As you can see here , we are focusing on the triangle pattern , i think we will have mabye one more bounce and then breakout. Our Traget Zone is in the green area but if we hit it we will let it run and see how far we can go.
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Here you can see why we will let it run if we hit the $750 point. If we hit our target on $750 we are in the blue zone wich means there is no resistance at all up to $875. so if nothing crazy unexpected happen in this area we can look forward to hit that point.
So our Targets are $750 and then up to $875
So our Targets are $750 and then up to $875
Comment:
since yesterday we did a good move in the right way as we predicted. Now we saw some correction wich was also predicted. I guess this is not the last swing till we breakout bullish on our triangle. Now is also a good point to enter a long position if you are not in already.
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Breakout in the next 15 Hours
As you can see we are getting close to our breakout. I draw some ghost Candles in the direction i think we will head to. As you can see we are 15 Candles away till we have defenitley a breakout. So i will keep you guys up to date on that
As you can see we are getting close to our breakout. I draw some ghost Candles in the direction i think we will head to. As you can see we are 15 Candles away till we have defenitley a breakout. So i will keep you guys up to date on that
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TARGET HIT TODAY
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UPDATE
i adjusted the channel and we are still going up so we hodl ;)
have a good weekend
i adjusted the channel and we are still going up so we hodl ;)
have a good weekend