Right now we are moving down in a .
This is likely to break to the upside when reaching the lower end, we might hit the closest resistance point and consolidate/slowly move down again.
However we should note that the pattern isn't exactly of a symmetrical triangle but rather resembles it a bit, as we have not made contact with the lower end of the more than once, this is making me think that we could be extending the dowtrend a bit more outside the and make contact with the uptrend line and get closing candle at least twice before we get any real confirmation of anything.
There is a a general sentiment, and we are still in a downtrend but i think that we can hit a reversal sooner rather than moving down to the beginning of the uptrend e.g moving down to the major support line(s) - blue lines.
So now we are waiting... And don't jump to any conclusions to fast, acknowledging that we are still under the bears control and trade with caution, Scalp trading with small position is best here before going in for a big long.
Regarding the symmetrical triangle i am more bullish on it than bearish, the 0.236 fib retracement has acted kinda supportive throughout this correction and would be a pretty good entry IF you are willing to take the risk. We have yet to close below it, but we might before we are going up again and this is the scenario i see coming ahead of us. (A Close near 0.236 before breaking in any direction) and this is where the wedge is heading currently.
We don't have much fud except the Binance/JPN threats right now and the market has been absorbing a lot of volume so this is also a reason to be leaning to the bullish side soon.. .
I think most traders are getting very caught up in the bearish sentiment (even though technically correct) i see a very violent breakout happening at the end of this pennant.
Like 20-30% upside potential...
I was actually leaning more to the bearish side just a day ago before making this chart, i was thinking 250-275€ target but to be honest there is to much money waiting on the sidelines now and it's just a matter of time before we squeeze out many shorts and start the next cycle...
I see one last steep correction, closing out exactly on the uptrend line (scaring the last ones out) before we make a big boom up... But we have no real technical indications that this is the case now, macd, and MA's are all telling us that we are in a bad spot. But RSI is looking like it want's to start pushing up again soon, we have been oversold and got rejected at 30 so we are gonna explode next move up. :)
Trading alts are a good way to stay in the market and still gain eth... which is our end goal anyway... Also, im almost certain that 2018 will be the year when ETH overcomes the marketcap of BTC, so much momentum in the space for ETH now :) It's just that the price doesn't reflect it atm.