Chart says it all. There's a small Cup & Handle potentially forming, and the neckline roughly coincides with the Ichimoku Cloud.
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Also have a nice bullish divergence on the daily chart:Nota
Also have a divergence on the 1hr chart, with a nice support from the cloud for the handle to complete...Nota
One thing we don't have though, is the volume pattern typical of a cup & handle. This is also very short term so it's not the strongest cup & handle pattern in world. But keep an eye on it anyway.Nota
divergence on 15min chart as well:Nota
Watch that minor sell wall on poloniex - if we get to 0.052 we're pretty clear for takeoff until another minor wall at 0.0520Nota
Sorry I meant if we get to 0.0502 we're clear to 0.0520Nota
broke that little wall, orderbook starting to look more bullish (although I know you shouldn't really go by that since it can change at any moment)Nota
starting to climb...Nota
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and in the short term we've got a bearish divergence on BITCOIN 15m which helps our case...Nota
Trying to break through that line right now:Nota
BTC crashing a little more, ETH broke that line:But watch BTC carefully, stochastic is pretty low across multiple timeframes so it may start rising again temporarily
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Getting close, just peaking above the cloud now:Nota
Hit right up against the neckline but couldn't push through - let's see if it does another smaller C&H next or if it fails. I'd expect some relatively significant downside if it does fail...Nota
I'm going to say this target has been reached, although not exactly as I originally drew it - I usually put my target line on the same angle as the neckline, and I neglected do that in my original drawing. I redrew the handle to reflect the latest price action, and updated the target line to match the neckline angle, and it seems the have reached the target perfectly before pulling back a bit:
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Where it goes next will probably have a lot to do with bitcoin - but if my theory that it's in the middle of a dead cat bounce is correct, ETH will probably at least reach the previous high/red fibonacci level pretty soon.Will update if I spot anything else.
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This is one possible scenario I'm seeing:Nota
If it's going to do it, it's happening soon...target is a little lower now though (around 0.055)Nota
Damn! Was doing pretty well but it broke down when bitcoin started to rise.Will re-evaluate
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