ETHUSD breaks bullishly up out of falling wedge target= $261

Lots of bullish signals converging at the same time on the ethusd pair right now. First was the golden cross on the 1 day chart that occurred a few weeks back and now appears to be sustained. 2nd we have the bullish breakout of this weekly rising wedge pattern(a pattern that typically breaks bearish). For a bearish pattern to break confidently bullish like this is a very bullish indicator. Our next bullish signal is that the weekly 50 ma(shown here in orange) appears to be holding solidified support. This is clutch...if it can maintain support the $261 price target should be hit with little to no pullbacks. The only cause for concern here is having the stochrsi on both the daily and weekly charts now in the overextended zone..but as we all know on bull runs it can stay over extended for quite some time so thats nothing to be alarmed about just yet.

Comment:

somehow I accidentally called this a falling wedge in the idea title instead of a rising wedge...Im sure most of you figured out already what I meant when you read the description though. This oversight doesnt change the $261-265 breakout target one bit though.