Ethereum Long Term View + Byzantium Update
Updated
Previously at these heights Ethereum had clean Bullish run which was encouraged by Flag Pattern.
When compared this to the current bullish run, we can see a lot of consolidation. Which may indicate uncertainty around it.
Confirmation for further uptrend movement is that when the price is above 350 level.
The Ascending Triangle broke upwards and we reached the edge of the Rising Wedge pattern.
The Rising Wedge is considered trend reversal pattern aka Bearish Pattern.
If the price breaks support level of the Rising Wedge we should test support around 314 level. If the support does not hold lower support levels will be tested.
Thing to consider while trading ETH:
Ethereum launching Byzantium fork by 16th of October (tomorrow) which may have a diversified effect on the price movement.
Rising Wedge Pattern
Always be cautious of things, trends and events what's happening around the current crypto you are trading. They may have big impact on the price movement!
I do appreciate constructive criticism and feedback!
Yarr!
When compared this to the current bullish run, we can see a lot of consolidation. Which may indicate uncertainty around it.
Confirmation for further uptrend movement is that when the price is above 350 level.
The Ascending Triangle broke upwards and we reached the edge of the Rising Wedge pattern.
The Rising Wedge is considered trend reversal pattern aka Bearish Pattern.
If the price breaks support level of the Rising Wedge we should test support around 314 level. If the support does not hold lower support levels will be tested.
Thing to consider while trading ETH:
Ethereum launching Byzantium fork by 16th of October (tomorrow) which may have a diversified effect on the price movement.
Rising Wedge Pattern
Always be cautious of things, trends and events what's happening around the current crypto you are trading. They may have big impact on the price movement!
I do appreciate constructive criticism and feedback!
Yarr!
Trade active
Note
Rising Wedge pattern broke outTrade active
Trade closed: target reached
Related publications
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.