$ETH Ethereum Ascending Triangle Reversal (Jan. 2020)

5 Jan 2020

ETH is busting out of an 18-day ascending triangle: a bottom reversal pattern after a 174-day drawdown.

From Dec 2018 - May 2019, after a yearlong bear market, we saw a larger, similar ascending triangle bottom play out, which kicked off a 125% run up to $350 in June 2019. This current ascending triangle is much smaller and shorter in duration, but seems accurate in composition. This bottom coincides with the rising strength and bullishness in the overall USD pairings alt market.

It seems reasonable to bet that the preceding downtrend has exhausted itself, evidenced by the diminished volume since the high, and we are due for a trend change.

I've entered a portion of my position here at $138, but in my ideal world price pulls back to the apex of the triangle $133 before continuing the advance to 1st Target = ~$155.