Ethereum is about to have a bad day
Updated
Blue: Resistance from Jan 29 onward.
Green: Major resistance formed by neckline, which has already been rejected recently.
Pink: EMA55: Dancing on a fine line with the EMA, and struggling to get above it.
Orange: EMA200 - Also, fighting to get above it.
Red: Most relevant support to watch. Quickly coming to the apex of the wedge formed by all support/resistance lines.
Light blue: Major support formed by inverse H&S already broken.
Yellow: Volume is in the gutter and down trending.
I don't see any saving grace for Ethereum right now. We are still in a bear trend, and the bulls do not have the volume to push out of this apex with massive upside resistance.
See previous analysis for where I think we are headed. We did break out of the rising wedge downward as predicted.
Green: Major resistance formed by neckline, which has already been rejected recently.
Pink: EMA55: Dancing on a fine line with the EMA, and struggling to get above it.
Orange: EMA200 - Also, fighting to get above it.
Red: Most relevant support to watch. Quickly coming to the apex of the wedge formed by all support/resistance lines.
Light blue: Major support formed by inverse H&S already broken.
Yellow: Volume is in the gutter and down trending.
I don't see any saving grace for Ethereum right now. We are still in a bear trend, and the bulls do not have the volume to push out of this apex with massive upside resistance.
See previous analysis for where I think we are headed. We did break out of the rising wedge downward as predicted.
Order cancelled
Broke above the all resistance, and volume has picked up substantially (but is still quite low).To the people yelling bad call: you're right. I'm not afraid to admit I was wrong on this one, and I hope you had stop losses set if you we're relying on this call. Recognizing bad calls is important, but I'd rather make a bad call then the vague calls I often see: "We might go up, we might go down, we might go sideways. We'll know once it happens".
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