I am hoping that eth has a three drives pattern, suggesting its yet to do its third drive which would roughly have the same distance and gradient of the previous two drives, hence the 6k PT.
- This is very promising as we see the MACD having a positive reversal and recent history tells us this is bullish.
- Within the three drives channel, the most recent correction has formed a bullish flag, a breakout of this would almost certainly confirm a price moving to 6k in the short term.
Typically, once the three drives pattern has been completed, its considered bearish and therefore the crypto cycle might be due to fall. What's important to remember - throughout the cryptos and particularly btc, the 2017 rally consisted if a three drives pattern in btc, this actually led to a breakout of the upper resistance level, so once eth hits 6k, we might have a very fast rally to 10-15k, but further TA ands charts will be done as we near the time to what the circumstances are.
- This is very promising as we see the MACD having a positive reversal and recent history tells us this is bullish.
- Within the three drives channel, the most recent correction has formed a bullish flag, a breakout of this would almost certainly confirm a price moving to 6k in the short term.
Typically, once the three drives pattern has been completed, its considered bearish and therefore the crypto cycle might be due to fall. What's important to remember - throughout the cryptos and particularly btc, the 2017 rally consisted if a three drives pattern in btc, this actually led to a breakout of the upper resistance level, so once eth hits 6k, we might have a very fast rally to 10-15k, but further TA ands charts will be done as we near the time to what the circumstances are.
Comment:
Whilst this didn't have the three drives pattern i'd hoped for, the fib levels on the downside have worked out great