This morning ,I received an alarm of ETH pumping up 20$ from tradingview alerts.So I decided to check my ETH idea which I published on July 13th,
This is the same 3D chart after today breakout of local resistance zone.
Only resistances left before the moon are 270-274 usdt zone and 305 usdt zone.
This is 1W ETH/USDT where it seems to have brokeout out of top trendline although(weekly candle has not closed yet,weekly candle closes on Monday).
So if it close below trendline,it wil be a fake out but if it close above the trendline,it will make a touch to either first red box(270-274) or both red boxes based on price action.It's currently above weekly 100EMA(Blue) which is bullish although it can go back down before weekly close.
So,we have to be cautious of both scenarios <fakeout(red) and breakout(black)>
So,checking of ETH/USDT 1D chart,it had a breakout poking the 269 usdt today with Ichimoku Cloud supporting .
So why do I think ETH can breakout of these local resistances and reach the moon?
1.BTC Has bullish short term bias up to 10,200 and 10,500.
It's currently at 9500 USDT local resistance similar to ETH but I've already seen this coming ,described about BTC 10,200-10,500 shortterm reasons in my last article.Read Here.
Right,but what if BTC dump instead of pumping as expected?Check out the second reason below.
2.Strong Cup and Handle Setup in BTC pair
Very bullish Cup and handle setup on 1W chart with 100 EMA resistance sitting at 0.618 fib line which should be the first target .
So where should you buy back?
I suggest wait for pullback and set 35% buy at 254,another 35% at 251,30% buy with 247 USDT.
Share me ur thought/Bullish Fundamentals on ETH .
Thanks for reading the article.
If you want more of these setups,follow me on tradingview where I usually posts charts there https://www.tradingview.com/u/tikyikhant/
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