ETH: Descending Wedge + Bullish Divergence
After almost a 30% correction since August 13, ETH is developing a descending wedge pattern with bullish divergence on the 8H chart.
If the upper trend line breaks, then I'd expect a move up to major resistance around $1,700.
If the upper trend line breaks, then I'd expect a move up to major resistance around $1,700.
Note
The bullish divergence and wedge breakout are playing out right now. Needs to hold above the trend line for a move up.Trade closed: target reached
ETH nearly hit my target. I was off by $15, but took profits and exited my position. I'll be looking for another setup at lower levels.Note
$1,700 target reached.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.