Hello Guys,
ETH has seen significant downwards price movement, it broke the blue trendline, broke the 20 week MA support, and now finds support on the 50 week MA at 182 USD.
It is trading in a falling wedge pattern, which is a bullisch continuation pattern most of the time. It is coming close to the breaking point, so will it be more likely break to the upside or to the downside?
I think there are some bearish signs:
Price broke 20W MA support, normally in a bull market the price stays above this, so are we even in a bull market? What do you guys think? Also the blue trendline got broken, and there is still no sign of real buying power.
There are also some bullisch signs:
The ADX and DI is still bullisch. Volume is declining, most of the time that means a big move is coming, and assuming we are in a bull market, I think this will be a pump, that will take us out of the falling wedge, but that is more subjective than objective.
Hope you like this idea and leave a like here.
Greetings, Corné
ETH has seen significant downwards price movement, it broke the blue trendline, broke the 20 week MA support, and now finds support on the 50 week MA at 182 USD.
It is trading in a falling wedge pattern, which is a bullisch continuation pattern most of the time. It is coming close to the breaking point, so will it be more likely break to the upside or to the downside?
I think there are some bearish signs:
Price broke 20W MA support, normally in a bull market the price stays above this, so are we even in a bull market? What do you guys think? Also the blue trendline got broken, and there is still no sign of real buying power.
There are also some bullisch signs:
The ADX and DI is still bullisch. Volume is declining, most of the time that means a big move is coming, and assuming we are in a bull market, I think this will be a pump, that will take us out of the falling wedge, but that is more subjective than objective.
Hope you like this idea and leave a like here.
Greetings, Corné
I am thinking that price action of the last 9 days is forming a downwards triangle, so there is a chance that ETH is going down one more time to 160 USD, forming a fake-out down from the wedge, then continue up, this seems organic and plausible to me.