ETH/USDT Breakout of downtrend drawing W pattern? Looks like
Ethereum broke out of it's downtrend indicated by the yellow line.
If we look at the last two bottoms we see a double bottom that formed a W shape which is commonly known was one of the stronger pattern.
Daily chart on the left hand side:
- ETH dropped three times to the 1750$ level and did get a bounce each time.
- The volume did not really go up while the price does which mean we have a divergence here.
Once price follows up we could see a strong move.
- On the RSI side we finally got above the 50 line.
4h chart on the right hand side:
- We see a golden cross indicated by the yellow camera.
- The RSI is on a rise and currently follows the yellow line.
We expect some consolidation between the 2000-2800$ line and once we pass that there seems nearly no resistance until the last ATH.
Basic rules:
- Never buy the top/ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Boxes:
- Either entry zone or support zone. Check the description.
If we look at the last two bottoms we see a double bottom that formed a W shape which is commonly known was one of the stronger pattern.
Daily chart on the left hand side:
- ETH dropped three times to the 1750$ level and did get a bounce each time.
- The volume did not really go up while the price does which mean we have a divergence here.
Once price follows up we could see a strong move.
- On the RSI side we finally got above the 50 line.
4h chart on the right hand side:
- We see a golden cross indicated by the yellow camera.
- The RSI is on a rise and currently follows the yellow line.
We expect some consolidation between the 2000-2800$ line and once we pass that there seems nearly no resistance until the last ATH.
Basic rules:
- Never buy the top/ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Boxes:
- Either entry zone or support zone. Check the description.
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