It's pretty obvious that eth has broken its 2-year logarithmic trend line. However, bears failed to drag its price down after the breakout. A possible reversal, or at least, I expect a retest of the trend line.
you also need to realize that rising wedges complete and follow thru about 88-90% of the time. I rarely see rising wedges fail. what the hardest part is deciding is when break out will happen. Ive seen them break down early, half way, and at apex. the only time Ive seen a failed rising wedge is due to big news. or economic driven
orange_sakura
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@born2bwylde2005, Thank you, I definitely agree with the H&S pattern here. I am pretty bearish about the weekly and monthly trend of Bitcoin. In my previous ideas, I believe that BTC sooner or later will break down to complete the pattern. However, the market is pretty short-positioned already, so I believe BTC still will have to rebound and make everyone believe that the bull market is coming back until a real capitulation break down happens.
orange_sakura
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@orange_sakura, I still believe that BTC has to have a capitulation bottom probably in late April or May to retest the 30k level. Anyways, thanks for sharing your opion.
@born2bwylde2005, Got it, I agree with this pattern, definitely looks bearish. However BTC also formed a similar pattern in June-July bottom, and that's the reason why I can't be sure that it will break down in the immediate short term.