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๐Ÿ“ˆ Daily TA: Ethereum to the Moon! (ETH/USD) | 20-11-2020

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cryptospa
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Hello, dear members of LeoFinance!

Today I am going to comment on the price chart of Ethereum since I think that Ethereum is starting the Moon-ing!

So, let's have a look at the price chart of ETH/USD in the daily time frame (1D): As can be seen in the chart above, in the second half of 2017 there was an Ascending Triangle, followed by a Descending Triangle in the first half of 2018. In August 2018 the price chart exited the Descending triangle in the downward direction and the level (range) between the two triangles became resistance level. After that, the price chart of Ethereum formed a Double Bottom. And, we all know that Double Bottom is one of the most common trend reversal patterns: According to Investopedia:

The double bottom pattern always follows a major or minor downtrend and signals the reversal and the beginning of a potential uptrend.

And as can be seen above in the price chart of ETH/USD, Ethereum has already gone through the Neckline (that used to be resistance) - namely, a breakout took place.

In addition, I would like to highlight that after the breakout, ETH/USD declined and retested the Neckline (check the price chart below). After that, the price bounced off the Neckline (thus, the Neckline becomes support) and, now, it is already above the local high that formed after the breakout: Since the price of Ethereum has been able to surpass the previous local high (that formed immediately after the breakout) I think that this is a significant confirmation of the bullish sentiment. Based on this bullish signal I think it is the right time to buy some Ethereum and hodl it, because it seems that this is the beginning of the long-awaited trend reversal and later a Bull trend will start. So, it is time to join the Ethereum Moon-ing process in an early phase.

To be continued ...

p.s. at the time of writing one Ethereum costs $508.44, according to TradingView.

A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 14+ years, and as a cryptocurrency analyst for the last 3+ years.

Important!

Keep in mind, that the thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.

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