vanpunk

broadening wedge on eth is possible bearish sign

COINBASE:ETHUSD   Ethereum / U.S. Dollar
Ascending broadening wedge (in green), starting on the 18th. broadening wedges are typically continuation patterns indicating a continuation of the previous trend, and in this case, we are in an overall bearish trend still i think, thus meaning there is a good chance that this wedge is a bearish sign.. a broadening wedge only needs 3 touches to the top and bottom trend-lines to confirm it, and in this case we have 5 touches to the top and 4 to the bottom. after the 3rd touch to the top line, we had an apparent bullish fake-out in which it came back down into the channel, the fake-out is another bearish indication to me. and the 5th touch also doubles as a touch to the bearish trend line that started on the 16th and rejected there. i think we are close to coming downward to cross through the bottom line, and the price target in this case is 196.. The macd is also showing a drop on the histogram and seems to be approaching a crossover soon which adds to the bear signal in my opinion.
Oct 21
Comment: price did indeed go bearish as predicted but it isn't over yet. i've extended out the lower trendline of the wedge to see the crossover more clearly and we're just now touching it..


Oct 21
Comment: we broke through, and macd is still bearish as well

Comments

Do you think ETH will come below 170 and then bounce back?
Reply
vanpunk WealthHustler
@WealthHustler, i do think it's possible. eth is going to need a pretty strong bullish move backed by very significant volume in order to punch through the overall bear trend. for eth the level it must break through to become bullish is around 235-250, and we'll need to see a 6,800+ punch on bitcoin as well. as long as it's staying underneath that level we're still bearish and can probably expect the 170 area again and maybe lower. Personally I'm kindof expecting a double bottom scenario to establish a bounce-back though. a double bottom would put it at 167-168 ish, and not really any lower than that, so the 170 or so might be where it bottoms and springs back. but we'll see,
Reply
@vanpunk, same here expecting double bottom. Thanks for replying, I appreciate your work.
Reply
vanpunk WealthHustler
@WealthHustler, thank you as well for the feedback
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out