ETHEUR - Beginners Analysis - Short Term
Updated
Hello,
This is my idea of what may happen to ETH short term.
At the moment the falling wedge pattern is building which is a bullish indicator but it still requires confirmation and we will only know for sure when the trend picks up and breaks through the green triangle. On the other hand if it breaks downwards then we may be heading for descending orange triangle pattern which is a bearish indicator. The circled area is the one to watch.
At the same time BTC is going through a rising wedge pattern which is a bearish indicator.
Any constructive comments highly appreciated :)
This is my idea of what may happen to ETH short term.
At the moment the falling wedge pattern is building which is a bullish indicator but it still requires confirmation and we will only know for sure when the trend picks up and breaks through the green triangle. On the other hand if it breaks downwards then we may be heading for descending orange triangle pattern which is a bearish indicator. The circled area is the one to watch.
At the same time BTC is going through a rising wedge pattern which is a bearish indicator.
Any constructive comments highly appreciated :)
Note
It looks that the falling wedge has now been replaced by the price channel. If it breaks through the support line of around £671 then we might still be heading for descending triangle pattern.As expected with BTC after rising wedge formation we can now see bear run
Note
The descending triangle was broken and confirmed a downtrend. Now we are observing ascending triangle which is a bullish patternNote
The major resistance level is at £600. If it gets broken the we're heading for another bullish run. If the trend breaks the green line then we might see another major dipNote
the bullish trend (green support line) has been broken. The next major support line is around €450 (the last major dip).
Note: in my previous comment I meant €600, not £.
Note
Looking long term there is another support line being tested now.
Note
The long term support line has been touched but not broken. RSI is the oversold zone so we may see more green candles and we are seeing some bullish candles forming. It should confirm whether we're going to bounce in the next hours
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