Ethereum (ETHUSDT/ETHBTC) Breakout!
Ethereum is breaking out with confirmation. Lets take a look at both the ETHUSDT and the ETHBTC charts, as ethereum is breaking out on both charts.
Looking at the ETHBTC chart, we see that ETHBTC has been trading in a tight descending channel. As I previously mentioned, if we break above the channel resistance, we are likely to see a big pump. Price has broke above the resistance. At the point of the break, there was a lack of volume, but after price consolidated, volume is now coming in as price is breaking higher, critically past the high of the initial break. If the close of this hourly candle can engulf the bodies of the previous candles, we are likely to see continuation upwards.
We see a similar pattern on the ETHUSDT chart. Here we have more of a trendline resistance than a channel, but in a similar way to ETHBTC, price broke above the resistance, consolidated, and is now breaking upwards with volume confirmation. When both ETHUSDT and ETHBTC pairs are telling the same story, the probability of the move is higher. And all this happening as BTCUSDT is also breaking its resistance at 35.5K adds more confirmation to the move.
As always, everything is just my opinion and not financial advice, DYOR, and stay safe!
Looking at the ETHBTC chart, we see that ETHBTC has been trading in a tight descending channel. As I previously mentioned, if we break above the channel resistance, we are likely to see a big pump. Price has broke above the resistance. At the point of the break, there was a lack of volume, but after price consolidated, volume is now coming in as price is breaking higher, critically past the high of the initial break. If the close of this hourly candle can engulf the bodies of the previous candles, we are likely to see continuation upwards.
We see a similar pattern on the ETHUSDT chart. Here we have more of a trendline resistance than a channel, but in a similar way to ETHBTC, price broke above the resistance, consolidated, and is now breaking upwards with volume confirmation. When both ETHUSDT and ETHBTC pairs are telling the same story, the probability of the move is higher. And all this happening as BTCUSDT is also breaking its resistance at 35.5K adds more confirmation to the move.
As always, everything is just my opinion and not financial advice, DYOR, and stay safe!
Comment:
ETH up about 20% after the breakout signal posted here yesterday and is now also at 200MA resistance, similar to BTC. If ETH can close above 2750, then will likely see another leg up, potentially to 3700-3800. If we get rejected here, then thats another story
Comment:
price action across btc, eth, and major alts looking slightly weak right now. If youre still in the eth long, might be good to take some profits
