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.
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..


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