Ethereum (ETH) Broken Rising Wedge
Ethereum (ETHUSD) looks bearish... What do you think?
Let's analyze this chart together before hit LIKE!
We have the common/well-known, bearish rising wedge pattern.
This pattern already broke bearish and we have lower prices.
Yesterday ETHUSD closed below EMA50 for the first time since October 2020, a bad signal.
The RSI is below 50 while the MACD is trending down strong.
The trading volume is low though and we are still high up.
So the bears are in but they haven't shown much strength based on the volume.
We keep the bearish bias short-term as long as prices remain trading below EMA10.
Trading above EMA10 switches the potential to the bulls.
For now, we stay bearish.
What do you think will happen next here?
Thanks a lot for reading.
Namaste.
Let's analyze this chart together before hit LIKE!
We have the common/well-known, bearish rising wedge pattern.
This pattern already broke bearish and we have lower prices.
Yesterday ETHUSD closed below EMA50 for the first time since October 2020, a bad signal.
The RSI is below 50 while the MACD is trending down strong.
The trading volume is low though and we are still high up.
So the bears are in but they haven't shown much strength based on the volume.
We keep the bearish bias short-term as long as prices remain trading below EMA10.
Trading above EMA10 switches the potential to the bulls.
For now, we stay bearish.
What do you think will happen next here?
Thanks a lot for reading.
Namaste.
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