Vasques

Ethereum Chart Analysis , Facing Resistance?

BITSTAMP:ETHUSD   Ethereum / Dolar
Chart legend:

Uptrend= Blue
Take profit= Red
Symmetrical Triangle= Purple

I decided to include past analysis, because it will be useful for this one.
As you can see, it formed a symmetrical triangle, which broke out upwards, and the take profit is the height of the triangle!

Now, there are 2 ways of looking at this point:

1- Either price maintains the secondary trendline , breaking $1000 (resistance) and keeps climbing (I'm not sure about this one, the trend has a lot of inclination, and RSI is close to 70%)

2- If Price does not break the $1000 resistance, following a similar pattern as day 19/12/2017, it will break the secondary trendline , moving all the way down to 61.8 retracement (acting as support), retesting the 78.6 retracement, going back down to the major trendline but not breaking it!

I would wait now for a bearish signal and then I would enter, putting a stop loss at $1017.

Feel free to ask me anything in the comments down below!

Disclaimer: I'm not a financial adviser, I'm not responsible for any losses due to following my chart analysis!
Komen: Since we didn't get a bearish signal, I didn't enter the trade, but for those who entered, Target 1 - $1114 and Target 2 - $1193, also, beware of correction after this targets
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