Ethereum Up or Down is the question?
Hello Traders,
As is it important to have a plan for both long and short positions as a trader, I wanted to give you a look at a plan for both up and downward price action.
As you see on the chart there are two technical patters presenting themselves in the market structure. The first being a bullish cup and handle pattern and the second being a bearish rising wedge. I personally am leaning more on the bullish side as the whole market is bullish aside from the large cap coins which is normal if you note the photo of the I posted on the chart showing how money flows in the market. One thing that leads me to believe that the cup and handle is more likely is due to the fact a rising wedge has a characteristic of generally falling out of the patter with haste to find its target. The other is the bullish divergence shown in the chart on the MACD Histogram. As I always say, when in doubt chart it out, make a plan and pray it pans!
Ironically we are sitting tight right between both entry points of each pattern currently. So I hope this brings a little more clarity to this indecisive time we are sitting in as well as makes finding a plan just a bit easier for you!
I wish you all a very green week!
~Savvy~[
.
As is it important to have a plan for both long and short positions as a trader, I wanted to give you a look at a plan for both up and downward price action.
As you see on the chart there are two technical patters presenting themselves in the market structure. The first being a bullish cup and handle pattern and the second being a bearish rising wedge. I personally am leaning more on the bullish side as the whole market is bullish aside from the large cap coins which is normal if you note the photo of the I posted on the chart showing how money flows in the market. One thing that leads me to believe that the cup and handle is more likely is due to the fact a rising wedge has a characteristic of generally falling out of the patter with haste to find its target. The other is the bullish divergence shown in the chart on the MACD Histogram. As I always say, when in doubt chart it out, make a plan and pray it pans!
Ironically we are sitting tight right between both entry points of each pattern currently. So I hope this brings a little more clarity to this indecisive time we are sitting in as well as makes finding a plan just a bit easier for you!
I wish you all a very green week!
~Savvy~[
.
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