Hello all. Looking at Etherium on the daily timeframe, we see that Etherium is currently trying to break out of the descending wedge pattern.
This breakout is already visible on the lower timeframes (4 hr or 6 hr etc.) however, we will wait to see the breakout on the daily timeframe.
This is a bullish pattern and if we extrapolate a measured move for this pattern we will get a target at $4850. This is the top of this descending wedge channel and also the previous all time high. This can be an easy 18.80% trade for day traders.
It is no secret that prices tend to retest previous highs and lows, which makes me believe that this pattern can play out exactly as we predict by the end of this year.
Levels of resistance to keep an eye for are the $4400-$4450, the previous resistance, the downtrending descending line (yellow dotted line), and also the Fibonacci golden pocket.
Thanks for reading, and stay tuned. Enjoy.
This breakout is already visible on the lower timeframes (4 hr or 6 hr etc.) however, we will wait to see the breakout on the daily timeframe.
This is a bullish pattern and if we extrapolate a measured move for this pattern we will get a target at $4850. This is the top of this descending wedge channel and also the previous all time high. This can be an easy 18.80% trade for day traders.
It is no secret that prices tend to retest previous highs and lows, which makes me believe that this pattern can play out exactly as we predict by the end of this year.
Levels of resistance to keep an eye for are the $4400-$4450, the previous resistance, the downtrending descending line (yellow dotted line), and also the Fibonacci golden pocket.
Thanks for reading, and stay tuned. Enjoy.