“This content is not a financial advice or a buy/sell signal”. A reverse head and shoulder pattern has just been completed which in the presence of enough volume the first target is quite achievable. The head and shoulder pattern has been reflected in the RSI chart as well. In addition, a clear cup and handle pattern has been formed that can lead to the second target, above 5K. The ETH/BTC weekly chart analysis (follow the link below) could also strongly support this move.
Trade active:
First target reached
Comment:
The formation of a sharp rising wedge may eventually cause a pullback in price up to 3.9K
Comment:
The pullback to 3.9K happened as predicted. The next move will be toward 5K.
