ETHUSD Preparing for its 900USD Rally
ETH trying to break its bullish triangle since yesterday. The first attempt failed due to insignificant volume and BTC's failed bull run. However all coins just tested their bottoms today, and ensured the market that they do not want to go any lower. Thanks to the proven support levels, we are now trying another bull run with greater momentum. Volumes are higher now and key levels are being tested.
MACD turned bullish since yesterday and we are breaking RSI resistance level. There is a small cup and handle formation but I'm a bit skeptic about that since cup and handle formations typically require longer timeframes to lay their foundations. Regardless of the cup&handle formation, as long as we remain this area we should be able to push higher.
We actually need the following to fully activate the rally,
1) ETH should pass 740 area. By this way it would tell the market that its passing though fib 50 area of the last top and dip. It is also yesterday's top so penetrating that area communicates that we are now stronger than yesterday, thus should go higher.
2) BTC should at least remain neutral and go sideways. Of course if BTC can trigger its own rally, which is also imminent in my opinion, that would be great and push ETH to its higher levels even faster. If BTC begins to go down, regardless of the other facts, ETH will return to its triangle.
good luck.
MACD turned bullish since yesterday and we are breaking RSI resistance level. There is a small cup and handle formation but I'm a bit skeptic about that since cup and handle formations typically require longer timeframes to lay their foundations. Regardless of the cup&handle formation, as long as we remain this area we should be able to push higher.
We actually need the following to fully activate the rally,
1) ETH should pass 740 area. By this way it would tell the market that its passing though fib 50 area of the last top and dip. It is also yesterday's top so penetrating that area communicates that we are now stronger than yesterday, thus should go higher.
2) BTC should at least remain neutral and go sideways. Of course if BTC can trigger its own rally, which is also imminent in my opinion, that would be great and push ETH to its higher levels even faster. If BTC begins to go down, regardless of the other facts, ETH will return to its triangle.
good luck.
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