ETH 4H rising wedge low risk short
Updated
Potential Triple bearish divergence on MACD on the 4H.
Potential bearish divergence on the RSI 4H.
Rising wedge formation.
Elliot wave count at 5 should be followed by ABC correction.
Entry should be around ~2450$ or breakout of the wedge at ~2300$.
Stop loss should be a close above rising wedge around ~2500$.
Target is the bottom of the wedge or the measured moved at 2050$.
A argument could be made that the daily is forming a potential hidden bearish divergence on the MACD. The daily also broke a key trendline to the upside.
Potential bearish divergence on the RSI 4H.
Rising wedge formation.
Elliot wave count at 5 should be followed by ABC correction.
Entry should be around ~2450$ or breakout of the wedge at ~2300$.
Stop loss should be a close above rising wedge around ~2500$.
Target is the bottom of the wedge or the measured moved at 2050$.
A argument could be made that the daily is forming a potential hidden bearish divergence on the MACD. The daily also broke a key trendline to the upside.
Trade active
In depth B & C most likely behavior Trade closed: target reached
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