Price has been coiling for quite a while, forming a triangular pattern. If this is indeed a wave Triangle (A-B-C-D-E), then new record prices are soon to come. Considering that main trend is rising, the possibility of breaking from the triangle upwards is higher. Yet, we should also take into account an alternative scenario, under which the break of $287 will generate a sell signal with targets below $250. Anyways, triangle-based breakout trades are usually very beneficial, so don't miss out on this opportunity.
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We need to see a more decisive - not 1 bar spike - break of $287 level to generate sell and avoid this kind of scenario, which is valid too:
yes this triangle looks valid. Elliot would go long from here, but with the current faillure of ether im not sure if technical principles will overpower fundamentals.
Nickonomics
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@pwettyboy, Well, it depends. More conservative elliotticians would wait for the break of $338.
Its uncertain cuz many buyers are waiting to ethereum fix the problem with overstressed network
Nickonomics
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@luckyslo, it is all in the chart. Technical traders may know the news, or may not - in most cases it doesn't affect trading, because price has all the necessary information. Triangle is an uncertainty pattern, that's why it is recommended to trade the thrust and shy away from trading inside the figure.
bombman
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EOS token sale is happening soon. I suspect that entire ethereum network will be DDOS next week unfortunately.
Nickonomics
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@bombman, On the one hand, it's sad; on the other - great for increasing market volatility.
freedom12
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@Nickonomics Impressive. It seems to have followed your chart, well done! What do you think now? Are we settling in a Bear situation for a while or is there a possible entry level for a long trade?