ETH Falling Down The Wedge...
Updated
Falling wedge after a monster rally. I'm not sold on these wicks. I think the candle bodies need to close down near the 61.8 fib retracement of the overall run. I'm taking profits here. Would scale back in at confirmed signs of reversal between $700-$900.
Indicators:
1.) DMI- still holding above DMI-
2.) MFI still weak
3.) RVI weak
4.) RVGI crossing below slow line and trending down.
5.) RSI with room to go down
Scenarios:
A couple of possible points for a bottom, with paths labeled #1 & #2
Indicators:
1.) DMI- still holding above DMI-
2.) MFI still weak
3.) RVI weak
4.) RVGI crossing below slow line and trending down.
5.) RSI with room to go down
Scenarios:
A couple of possible points for a bottom, with paths labeled #1 & #2
Trade closed: target reached
Bottom target reached. Now looking for a double bottom then uptrend
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