ETH - I see rising wedges
ETHUSD appears to be forming a large rising wedge over the past 30 or so days. I see a few recent smaller rising wedges within the large one including what looks to be one forming currently.
Let's see if the current pattern does confirm to be a small rising wedge and then reacts with a small correction.
I expect both the bottom and top of the larger wedge to be tested at least once more. Looks like we could see prices as high $2050 area while still staying in this pattern.
Guesstimating a correction to 1500 areas based on estimated fib retrace to 38% from a ~2050 high. I think we have a new price paradigm after the past few weeks of growth and 1500 represents a very strong support.
Disclaimer - I have no clue what I'm talking about! To that end, what are your thoughts? Feedback on the TA is welcome!
Let's see if the current pattern does confirm to be a small rising wedge and then reacts with a small correction.
I expect both the bottom and top of the larger wedge to be tested at least once more. Looks like we could see prices as high $2050 area while still staying in this pattern.
Guesstimating a correction to 1500 areas based on estimated fib retrace to 38% from a ~2050 high. I think we have a new price paradigm after the past few weeks of growth and 1500 represents a very strong support.
Disclaimer - I have no clue what I'm talking about! To that end, what are your thoughts? Feedback on the TA is welcome!
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