Eth testing new range

19 feb 2021

Yesterday, we had some consolidation in the new breakout range, seemingly 1880 to 1940 for Eth with a few breaks above. Almost forming a head and shoulders pattern, but I cringe to use that term, I think it’s one of the more misidentified patterns people find in PA. It’s not until it is. That is to say, it’s consolidation and testing range for continuation, and until it the neckline of that range fails, does the pattern truly become valid. What’s interesting, is that Eth has so far found new support on the restistance line of the breakout point from a couple days ago, while cooling off rsi levels. It’s seems to be forming a new ascending triangle if anything, suggesting bullish reconsolidation and continuation. I missed this breakout of 1840 on Eth due to power outage, I’ve been frustrated with that and haven’t entered a news trade yet until I can be confident in where we currently stand with trend. In these early morning hours, Btc has once again reached a new high at around 52.9, and Eth testing topside of the range, hasn’t supported further up just yet above the current 1940 level thats seems to be a heavy resistance. I feel very cautious to trade in this region, if I held my trade I would have HODL, but I’m waiting to see how this develops, and honestly hoping for a good dump, and to take a new trade once it recovers. I had sold at 1840 because I was having power outages due to weather, and at the time I wasn’t seeing confirmation and wanted to protect my profits. Signals are mixed for now, but this move this morning suggests continuation to me. Of this is not financial advice I’m not a financial advisor, trade at your own risk, I’m just making some notes of what I see here. Hoping for another breakout today, yesterday was very boring and sideways, but I feel today may just be more of that sideways action until it determines a direction of breakout. Eth target 2050 and 2150 if it breaks out above, Btc target 54k,... and above? Hard to say, the king of crypto has truly broken so many records on this run, it’s hard to stop the bull.