ETHUSD Bullish Right-angled Descending Broadening Wedge?
Updated
After the breakout from the descending triangle, the hourly seems to show a right-angled descending broadening wedge. What does this pattern mean? It is explained from the link provided that this is a bullish pattern.
It is also important that it bounces off the top of the previous triangle that it broke out off which at the point of writing is being tested. If it breaks below the top of the previous triangle and closes the 4hrly below this line, then this pattern is invalidated.
Just an observation.
Trade on breakout and be careful of fakeouts. Wait for confirmation candle(s).
Based on the previous chart that i published, we still have a 2 key resistance points to cross at:
Point 1 - 200MA $233+
Point 2 - 50% Fib Retracement Level $241+
Trade only what you can afford. Nothing is 100% in life ever. Good luck!
It is also important that it bounces off the top of the previous triangle that it broke out off which at the point of writing is being tested. If it breaks below the top of the previous triangle and closes the 4hrly below this line, then this pattern is invalidated.
Just an observation.
Trade on breakout and be careful of fakeouts. Wait for confirmation candle(s).
Based on the previous chart that i published, we still have a 2 key resistance points to cross at:
Point 1 - 200MA $233+
Point 2 - 50% Fib Retracement Level $241+
Trade only what you can afford. Nothing is 100% in life ever. Good luck!
Note
Note
BTCUSD on bull flag pattern? Correlated with ETHUSD in price movement so this could be further validation of an upside breakout coming soon. Trade only on breakout and confirmation candle(s). Good luck!Note
Note
Can we clear the first strong resistance of 233+?Note
1st resistance point of 233+ crossed, next strong resistance to cross is at 241+ which is the 50% fib retracement level. The price has to maintain and bounce above the 233 price and continue this uptrend to break the 241+ resistance strongly.Note
We have cleared the 2nd resistance of the 50% fib retracement level of 241+. As long as we keep above this level we are on our way to the next resistance at the next fib level which has been a tough one to cross through, the fib retracement pocket of 61.6-65% fib level (the black area in the chart) at 270+ to 278+. If we can clear this fib level and stay above it, we are well on our way to 300+ and quite possibly new highs.Note
Currently on an ascending parallel channel on short-term hourly chart with resistance at 245-246. Can we break this resistance? Only issue I have with this is that its the weekend and btcusd cme chart may create a bearish gap which might need to be filled. Till today i have no idea why gaps must always be filled. Its just crap if you ask me. Since ethusd price is correlated the gap might cause a downward movement come Monday or Tuesday after which i would expect the price to continue its bullish movement. Or ETHUSD might just move bullish on its own and gain on ETHBTC too. Just observations and thoughts.Note
Looks like we are back testing the 233+ level again as support (previous resistance from the 200MA). Will probably have to wait till Monday-Wednesday for a continued uptrend. The long liquidation and stop loss hunt is still ongoing it would seem.Note
Hidden Bullish Divergence forming on the 4hrly chart.
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