ETHUSD 30H to Breakout: Falling Wedge with Nested Rising Wedge
We have been in a falling wedge since the relative high on 5-5-2018 at about $820 and we have fallen quite a bit and now we are moving up. This micro rising wedge is a chance to break out of the macro falling wedge and so we have fractal/nested chart patterns. I hope the falling wedge is the controlling chart and we will see a breakout on the upside. Rising wedges do have a bearish bias but I have charted my expectations, in orange. That is the minimum drop we we would expect to see out of this rising wedge breaking down, and based on the rising wedge/falling wedge combination I saw in BTCUSD in April I assume this will break out in a similar way. If you don't recall, BTCUSD was in a series of rising wedges that made up one larger macro rising wedge.
Basic strategies if you are already in are to hold through the pattern but setting some stops and limits to protect what you have or pick up some more when the price dips. If the macro falling wedge is controlling the breakout of the micro rising wedge will be pretty short and I would expect a lot of wicking as the price gets beat up. If you don't like holding through these troubling and uncertain times you still have a few days potentially to get in around the same price.
Basic strategies if you are already in are to hold through the pattern but setting some stops and limits to protect what you have or pick up some more when the price dips. If the macro falling wedge is controlling the breakout of the micro rising wedge will be pretty short and I would expect a lot of wicking as the price gets beat up. If you don't like holding through these troubling and uncertain times you still have a few days potentially to get in around the same price.
Comment:
Here is the proper chart
Comment:
It seems that are rising wedge was not the way out of this downtrend as overhead resistance was just too strong. As I mentioned above I tightened my stop losses and it seems that was very good and proper. Upon further evaluation I am in short as I think we will be at least retesting 470 if not going through.
The daily chart, in combination with the 12h chart above from yesterday continue the dismal outlook. I mentioned in a previous post that the volume event that started this uptrend on 6-14 was the largest 2h volume incident that ETHUSD has seen since new year. It seems that event was just slowing the decent/propping up the price and perhaps insiders going for a short squeeze.
Done with one swing trade and on to the next one.
The daily chart, in combination with the 12h chart above from yesterday continue the dismal outlook. I mentioned in a previous post that the volume event that started this uptrend on 6-14 was the largest 2h volume incident that ETHUSD has seen since new year. It seems that event was just slowing the decent/propping up the price and perhaps insiders going for a short squeeze.
Done with one swing trade and on to the next one.
Comment:
I hate that I cannot figure out how to edit comments. The 2h volume event was the largest volume event resulting in a green candle. the other 6 were red candle volumes.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion
www.tradingview.com/chart/Lw0ubEwx/