- October 23, 2020
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
Last week I posted the following chart on Ethereum:
** The Inner Channel Up **
It was about the final Resistance level of 400 that ETH had to break before its April Channel Up (inner/ blue) on the 1D chart turned bullish again. Well it happened, as the 1D MA50 turned into Support, and the price is moving higher.
** The Outer Channel Up **
My attention now shifts back to the 1W chart, which (excluding the March melt-down) is dictated by a very clear Channel Up too (outer). See how harmonically the price is pivoting on the middle (dashed) trend-line of this Channel Up (red and green arrows). This Channel started after the December 2018 bottom and since then, it is the first time that a weekly candle closes that high after a bounce on the middle trend-line. Clear bullish strength with the sentiment getting even stronger as the LMACD is about to make a bullish cross.
Can Ethereum take advantage of this momentum and reach $600 before the end of the year, which will be a Higher High on the long-term (outer) Channel Up? A roughly +95% increase from the last low, certainly shows it can! And as you see on the chart this +95% rise has been consistent in marking Higher Highs since December 2018, successfully making 5 occurrence already!
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