ETHUSD: Downtrend Triangle (Market Consolid) Before Uptrend 500?

30 nov 2017

ETHUSD is most definitely trending downward. The bearish signal, given by the descending triangle, suggests just that. This should be regarded as a market consolidation given the recent hype around the historic 10k mark achieved by BTCUSD that drove the entire crypto world nuts, including ETH. But this was expected.

The descending triangle is constructed with a flat support line @ $433.36 (Green Horizontal Line or consolidation line) and a downward-sloping resistance line (See the descending red line).

If the price drops under that support line, then the new support line should be placed @ $412.10 (Blue line).
it is just a matter of time before ETHUSD hits $500 again, based on my R&D.

Entry Point $462.26.
Stop Loss $406.
Target Profit $500.

Smart Trading!