Ethereum - Falling Wedge Reversal (ETH/USD)

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
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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Comment: To all my American friends, HAPPY INDEPENDENCE DAY!
Comment: 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.
Comment: 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!
Comment: 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.
Will Ether go up in days?
bibboyne Minanaem
@Minanaem, sorry I missed this comment. Yes, it just did. Follow my updated chart as I post latest updates there.
+1 Reply
" a weird looking triangle" ... haha ! And totally agree! Just called it something similar in my own analysis.
Good job, keep it up !
+1 Reply
bibboyne lady_luck
@lady_luck, lmao, an ugly ducking triangle you say. I'd prefer the Igor of triangles. Thanks for the comment and support.
+1 Reply
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