ETH 5 Minute Chart
On the 5 minute chart ETH has showed excellent strength as it has ascending the indicated channel over the past 24 hours. There were several significant trading opportunities within the channel as ETHUSD has been consistently offering pattern based plays such as symmetrical triangles and bull flags on the smaller time frames.
ETH 15 Minute Chart
The 15 minute chart is very similar to the 5 minute chart today. Very strong and healthy growth on a steady uptrend, complete with intrapattern consolidation. Strong and healthy. Watch for the break of the channel for any bearish entries, but make sure you note the support levels before taking any positions.
ETH 60 Minute Chart
The 60 minute chart has continued to show respect to the broadening triangles, show in the red dashed lines. These levels are areas of support rather than black and white levels, which we can see as the price found resistance before breaking above at 2000 hours, with a back test at 0200 before continuing a strong climb up. ETH managed to close above and successfully back test the 296.55 level and close above the broadening resistance. Watch for confirmation on a channel formation on the 60 min time frame.
ETH Daily Chart
Yesterday we noted to watch for a a close above the unconfirmed channel levels to indicate a change in market direction. This was a timely statement as the ETH price closed above this potential channel in a strong bullish move. Conservative traders will wait for a confirmation of this break. While a backtest of this level should not be unexpected, the bulls are in clear control.
