ETHBTC Bull Flag Breakout Strategy
Aggiornato
It looks like we have a bull flag breakout coming on ETHBTC. Wait for a confirmation if you were not long at 0.046. If you were in at 0.046 then have a tight trailing stop at 0.0475.
Confirmation should be a long green candle on the 1hr chart to 0.050, do not be afraid to wait and go in on a pullback at that level.
Under normal conditions one would expect the second leg up to be the same length as the first flagpole giving us a target of the 1.618 fib extension or 0.066. Feel free to book profits at the fib levels or set a trailing stop.
Looking at ETHUSD we have a long target of $64 (1.414 fib) or $66 (1.618 fib) depending on the daily price of BTC.
Increased volume, 4HR MACD crossover, continued RSI gains (4H), and a strong closing 1hr green candle above $50.50 should confirm.
ETHBTC chart here:
Confirmation should be a long green candle on the 1hr chart to 0.050, do not be afraid to wait and go in on a pullback at that level.
Under normal conditions one would expect the second leg up to be the same length as the first flagpole giving us a target of the 1.618 fib extension or 0.066. Feel free to book profits at the fib levels or set a trailing stop.
Looking at ETHUSD we have a long target of $64 (1.414 fib) or $66 (1.618 fib) depending on the daily price of BTC.
Increased volume, 4HR MACD crossover, continued RSI gains (4H), and a strong closing 1hr green candle above $50.50 should confirm.
ETHBTC chart here:
Nota
Updating this chart, we hit the resistance at $53 and have been unable to clear it on several successive attempts. With uncertainty in BTC's direction I am sitting on the sidelines.
I locked in profits from ETH at $51 and to date have made 10X trading this trend. I am expecting to see a short term sell-off in ETH to create a new support level within the current bigger trend.
Currently not holding any crypto. Be safe out there
Nota
Updated Chart Here
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