Update from yesterdays analysis, ETH played out exactly as predicted today and my trend lines are spot on so far. we have seen a third rejection to break back into the rising wedge, we pumped late tonight due to the ETF has been approved bringing some bullish momentum. this is normally the perfect time to sell because so many are buying.
currently I am looking for ETH to hold my thick green line here at 3837, it is finding good support here but I think a test to at least 3800 is necessary to continue bullish momentum (red line).
We are actually in a rising wedge currently and we are also trying to break into a larger rising wedge. it is going to take massive bullish pressure to break out of both of these and they're is so much resistance along the way. if we break the 3800 line then I see us retesting the previous swing high at the 2 marked levels below (3659, 3610).
things to look for over the weekend:
- break into large rising wedge and retest.
- hold 3837 level to remain extremely bullish
- test of the 3800 support line to continue uptrend
- break below the 3800 and smaller rising wedge plays out (3610,3659)
currently I am looking for ETH to hold my thick green line here at 3837, it is finding good support here but I think a test to at least 3800 is necessary to continue bullish momentum (red line).
We are actually in a rising wedge currently and we are also trying to break into a larger rising wedge. it is going to take massive bullish pressure to break out of both of these and they're is so much resistance along the way. if we break the 3800 line then I see us retesting the previous swing high at the 2 marked levels below (3659, 3610).
things to look for over the weekend:
- break into large rising wedge and retest.
- hold 3837 level to remain extremely bullish
- test of the 3800 support line to continue uptrend
- break below the 3800 and smaller rising wedge plays out (3610,3659)
