However, I'm still very cautious of this action. It does look nice, but I need to see some more evidence of sustainability. Now, there are some short term trade setups here. For educational purposes, you could go long on a breakout from the , with targets of 565.54, and then the 1200 (in purple) which represents the 200 on the . Or, you could wait to see if a breakdown back below the channel emerges, in which case it would be a fantastic shorting opportunity. Personally, I am neutral on this market, until I see more signs of sustainability. As another alternative, if this flag fails, and ETH falls to retest the top of the , it would be a very sign to see a hold on the top of the channel. So, that would be a technical buy signal as well. Those are the trade setups that are worth waiting for.
On the , you can see that it has formed a crossover, as the dies off a bit, but those things are normal to see during a consolidation. With that said, if the flag breaks out, that would be a very positive sign, and 565.54 would be in the cards. Right about now, the haters would be saying "see, he's calling both directions in the market!" I'm not calling either direction. I'm showing you a formation, and I'm telling you where we're likely to go, once this formation breaks. That's what analysis and trading are all about. They're about identifying patterns, and determining entry and exit points based on them. That's exactly what I've done.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-
Keep going,Great JOB <3<3<3<3