Will be taking profit (closing long) at the resistance line. Expecting dip back down to triangle after this. Where I will be picking up more.
Ive been watching the 50-200 MA very closely on $ETH and $BTC and the "Death Cross" has been denied which is a very bullish sign, for now.
$ETH has broken out of the symmetrical triangle but not quite finished its impulse move. Triangles tend to have a breakout the same size as the initial triangle wave. (Refer to the dotted lines)
And im expecting $ETH to hit the HTF triangle support (Top Solid blue Line) which could be another 5% to around $245 - $250. That's where I will take my final profit, i have already taken out a portion. Im expecting a decent retracement after it reaches the resistance.
Ive been watching the 50-200 MA very closely on $ETH and $BTC and the "Death Cross" has been denied which is a very bullish sign, for now.
$ETH has broken out of the symmetrical triangle but not quite finished its impulse move. Triangles tend to have a breakout the same size as the initial triangle wave. (Refer to the dotted lines)
And im expecting $ETH to hit the HTF triangle support (Top Solid blue Line) which could be another 5% to around $245 - $250. That's where I will take my final profit, i have already taken out a portion. Im expecting a decent retracement after it reaches the resistance.
Comment:
Now that the triangle has broke, what used to be resistance has now become a support, and we will see a retracement back down to that trend line eventually.
