Cryptocurrency Technical Analysis Daily – 22nd Nov 2017

Disclaimer: I am not a registered Financial Advisor. This is not a solicitation to buy or sell. This is purely an academic exercise and any action taken by any one on the basis of this post is not my responsibility.

In this Technical Analysis Daily, I will present the daily Technical view of top 5 cryptocurrencies by market Cap. Today, I will be talking about my favorite, Ethereum. Follow my posts, I am going to tell you in my next post why Ethereum is the Biggest currency for the Future. Why it is going to overtake Bitcoin as the No 1 Cryptocurrency in the next 3 - 5 years.

Ethereum

As seen from the daily chart, Ethereum has been in a fairly lengthy consolidation for more than 6 months now. The Ascending Triangle Pattern Formation is readily apparent (as drawn by the yellow lines) , the height of the triangle being $250. Hence a breakout from the upper end of the triangle ($395) will see a target of (395 + 250) = $ 645.

As far as the long term target of $ 16,000 goes, I will explain that in my detailed blog post as I wrote above.

Happy Trading and Investing! Wish you all the best in your crypto endeavors!