Ethereum in a Falling wedge.
Updated
The price of Ethereum has been spotted in a falling wedge pattern which has bias to break to the upside.
This pattern breaks to the upside even in downtrend as such. If this pattern breaks to the upside, it will be considered as a trend changing pattern.
The 4h trend is now a clear downtrend as the price continues to find resistance at 20 EMA.
RSI trend of lower highs, trend line resistance is active, however a bullish divergence is forming.
MACD is in what I call "unsustainable territory" and a move to neutral levels is expected. (0)
The most pessimistic scenario would be gains capped at $2500, which would prolonged the downtrend furthermore.
The daily time frame is very oversold and is calling for an oversold correction to the upside.
4h price action may print a nice Doji candle!
A quick word about the whole market, I believe a move to the upside will occur which will try to leave as many people as possible behind. Bitcoin is regaining it's dominance to don't fiddle with altcoins.
Good luck!
This pattern breaks to the upside even in downtrend as such. If this pattern breaks to the upside, it will be considered as a trend changing pattern.
The 4h trend is now a clear downtrend as the price continues to find resistance at 20 EMA.
RSI trend of lower highs, trend line resistance is active, however a bullish divergence is forming.
MACD is in what I call "unsustainable territory" and a move to neutral levels is expected. (0)
The most pessimistic scenario would be gains capped at $2500, which would prolonged the downtrend furthermore.
The daily time frame is very oversold and is calling for an oversold correction to the upside.
4h price action may print a nice Doji candle!
A quick word about the whole market, I believe a move to the upside will occur which will try to leave as many people as possible behind. Bitcoin is regaining it's dominance to don't fiddle with altcoins.
Good luck!
Trade closed: target reached
TP hit! I've sold my ETH at $2826.
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