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ETH/USDT Update: Breakout out of bullflag is happening right now for BINANCE:ETHUSDT by tumbler55

Intro:
Ethereum currently has the biggest ecosystem and running smart contracts for a long time.
This headstart led to a big market dominance compared to its competitors like Cardano, Solana, Cosmos, etc.
– It takes some time to create such ideas and drawings.
You are welcome to pay me back with a comment that states your opinion and maybe leads to further improvements considering my charts and explanations.

Daily chart:

– ETH dropped three times to the 1750$ level and did get a bounce each time.

– The blue arrow shows a W shape recovery which is considered to be a strong pattern and signals a trend reversal.

– Currently trading volume stays rather low which signals that some people still don’t believe in a trend reversal.

– On the RSI side we see a bounce off the 50 line which also did break the recent downtrend drawn by the orange line.

– We see a golden cross indicated by the yellow camera.

This time we see a strong separation between the different MA which is very bullish .

– Price consolidated below 3400$ and seems to bounce of the 20MA to finally break through.

Expectation:

– We expect to continue the bullrun and aim for higher price targets.

– Not much resistance is seen up to new ATH’s, so it could be a fast ride.

– We expect to hit the previous ATH soon within this month.

Basic rules:

– Never buy the top/ ATH

– Take profit as long as you can (also partial profit is profit)

– Use Stop/loss for leveraged positions

– If you are not experienced, don’t leverage in the first place

Enjoy the ride and don’t be too greedy.

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We would love it if you could share your thoughts in the comments.

Discussions are very welcome here.

Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.

Cheers

ps.

Chart explanation:

Main lines:

– Green lines are tested support lines.

– Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.

– Cyan line is for volume trendline.

– White lines are Fibonacci retracement levels

Helplines:

– Purple lines are trendlines we take a look at.

– Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.

– Yellow lines are for visual help only.

Boxes:

– Either entry zone or support zone . Check the description.

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