Ethereum Forecast | Descending Wedge | Looking Up From Here
Hi Traders,
With Ethereum 2.0 scheduled to be implemented Jan 3, 2020, it is time to start preparing.
The TA is starting to look really good on the daily time frame, as we are seeing exactly what you would expect after 300% rally - a slow and gradual pull-back on lower volume, and within descending wedge structure. This is actually a bullish pattern, one that has a high success rate, and that I have learned to trust over the years.
In terms of support....look left! I love that we are respecting the previous structure resistance of $170, which combines with the 38.2% fib retracement level. Also note the trendline support from the beginning of the year. RSI Is showing signs of a double bottom off the 30% oversold level, and looks primed for a move towards 70% buyers.
I can't say for certain what is going to happen here, but the decision time is closing in.
Bulls must hold $170, bears will give up after a break above $200
Things are about to get crazy again, GL hit thumbs up!
With Ethereum 2.0 scheduled to be implemented Jan 3, 2020, it is time to start preparing.
The TA is starting to look really good on the daily time frame, as we are seeing exactly what you would expect after 300% rally - a slow and gradual pull-back on lower volume, and within descending wedge structure. This is actually a bullish pattern, one that has a high success rate, and that I have learned to trust over the years.
In terms of support....look left! I love that we are respecting the previous structure resistance of $170, which combines with the 38.2% fib retracement level. Also note the trendline support from the beginning of the year. RSI Is showing signs of a double bottom off the 30% oversold level, and looks primed for a move towards 70% buyers.
I can't say for certain what is going to happen here, but the decision time is closing in.
Bulls must hold $170, bears will give up after a break above $200
Things are about to get crazy again, GL hit thumbs up!
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