Rising Wedge
Updated
Looking at the chart in a one hour view we can see a rising wedge forming, normally this results in a downturn in the price, and with lack of volume its possible that we move down from this formation.
But as always ETH is tied with BTC, so we have to watch both to understand were we are to go.
Its a wait and see game as normal but we have broken the down trend from the ATH and moving up.
If we zoom out to a daily view we can see the formation of an inverse Head and Solders pattern , which normally means we go up.
We have tried to break the Fib level of 0.38 ( the white line) at least four times but what is missing is volume. So next we should move back up to the top of the wedge round about 30.31, that is if we break the 0.38 Fib level.
Just an analysis and not trade advice, still learning
Please like, i need them so i can comment on others ideas.
Wolf
But as always ETH is tied with BTC, so we have to watch both to understand were we are to go.
Its a wait and see game as normal but we have broken the down trend from the ATH and moving up.
If we zoom out to a daily view we can see the formation of an inverse Head and Solders pattern , which normally means we go up.
We have tried to break the Fib level of 0.38 ( the white line) at least four times but what is missing is volume. So next we should move back up to the top of the wedge round about 30.31, that is if we break the 0.38 Fib level.
Just an analysis and not trade advice, still learning
Please like, i need them so i can comment on others ideas.
Wolf
Note
Nice jump and a 13% profit on that one from the bear flag.Note
Trade closed
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