A-B ascending triangle measurement, target horizontal resistance B.
X-Y ascending wedge measurement, target horizontal support = Z
Red boxes sending mixed signals, ascending support is holding but price broke out early from ascending triangle, shaping the pattern into a bearish ascending wedge.
We can get confirmation at Y if price closes above Y we can assume bullish position. If price closes below 183 we can assume bearish position.
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Price Broken down from wedge but appears to have found support near half of the bearish wedge measurement. I'm expecting the price to break down from this bear flag to my target. See my long term analysis (im still bullish mid/long term)
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Tricky spot for eth, bit we have established a clearer structure for now. I would advice to enter a trade here. We did bounce from the support but been rejected at the resistance. I'm leaning toward a long position if i were to gamble, target around 200 euro. Problem is just the amount of rejections in that price area, but it looks like its trendig higher and some what of a mini ihs has shaped.
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Major typo above - i would advice against taking a position here :)
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I will decide when to take my position depending on how this chart plays out
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Another ascending triangle, we are breaking out of the yellow one soon. expecting 227 target to be met.
Trade closed: target reached
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Target hit new major resistance, watch this retrace then go long. Making new chart
Those who followed and bought Ethereum at Support line today can think an decide if they are willing to hold the position longer, or they are happy with the almost 20% they've made.
moorbles
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Might be an ascending channel? If it breaks out to the flag pole potential, might hit the top of the bigger falling wedge (1D chart) that ETH seems to be in?
Although I'm seeing hidden bearish divergence on the 4hr.
Volume building right now, possible breakout attempt...
ethhunter
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@mattgarbutt, im expecting a bullish break in a few days :)