Hello all. Etherium went up 20% today, breaking the yellow resistance line and forming a broadening wedge pattern. The current eth price sits at $3650 which is the top of the resistance of the broadening wedge pattern (indicated by the purple lines).
This patten is a bearish chart pattern which makes me believe that ETH is due to a 20 % drop, the bottom of the channel. This level is approximately at $4000. However i believe that we can even see $3700, which will only make the move up even stronger.
For long entries i would start buying right at the range where the ascending support line sits around $3700-3800. I believe this level is strong enough to withstand the drop.
RSI on daily and also on the 4 hour chart is super over bough which is another reason we will have the drop. Don't buy yet, and set up your buy orders as i show in the chart.
Thanks for reading, and stay tuned. Enjoy.
This patten is a bearish chart pattern which makes me believe that ETH is due to a 20 % drop, the bottom of the channel. This level is approximately at $4000. However i believe that we can even see $3700, which will only make the move up even stronger.
For long entries i would start buying right at the range where the ascending support line sits around $3700-3800. I believe this level is strong enough to withstand the drop.
RSI on daily and also on the 4 hour chart is super over bough which is another reason we will have the drop. Don't buy yet, and set up your buy orders as i show in the chart.
Thanks for reading, and stay tuned. Enjoy.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.