Ethereum - Falling Wedge Reversal (ETH/USD)
Updated
A closer look at the short term setup in the 4-hour chart reveals that price appears to be trading within a falling wedge formation (bullish pattern). Expect a breakout above the formation with a target highlighted in red.
P/S: If you were wondering where my previous ETH charts were. They were removed by TradingView for violating house rules. :)
Remember my motto:
The trend may be your friend but the whales are opportunists and more often than not they move against the salient sentiments on TradingView.
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Take care and happy trading, my friends!
P/S: If you were wondering where my previous ETH charts were. They were removed by TradingView for violating house rules. :)
Remember my motto:
The trend may be your friend but the whales are opportunists and more often than not they move against the salient sentiments on TradingView.
If you find my chart helpful, a simple LIKE and FOLLOW would be sufficed to show your gratitude. If you guys are on Twitter, follow me there and get notified whenever I post a new chart or update.
Take care and happy trading, my friends!
Note
To all my American friends, HAPPY INDEPENDENCE DAY!Note
ETH Analysis Update:Price has recovered well from a session of profit taking. In what seem like a rising wedge (bearish pattern), the trend has formed yet another pattern within. This time, a weird looking triangle and a bullish one too. Should we breakout it (which I am confident we will), such a move allow us to breakout above the rising wedge and back on track to our target. I will include a snapshot of the chart once I return to my trading station later.
Note
As promised, here is a chart showing the current price action. We can see that the bulls failed to breakout from the Falling Wedge twice. A bullish symmetrical triangle appears to be forming within the Rising Wedge. There are two paths for Bitcoin to break above the Falling Wedge from where we are. We either go with (1) the Rising Wedge which is a bearish pattern or (2) the Symmetrical Triangle which can favor the bulls. We will know this from where the upward thrust begins. The decision rests with Bitcoin. That's all and happy trading!Note
Hi friends! Keep in mind that this analysis is still in play and I have an updated chart for it so you can have a clearer picture and understanding on how we can reach our target soon. Click on the updated chart below to enlarge.
Trade closed manually
Refer to my latest Ethereum chart. Thank you.
Disclaimer
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