As of last week, Ethereum has broken out of a rising wedge pattern which has been formed at the start of 2017, making it the longest pattern that exists on the ETH chart in recent memory.
Seeing that rising wedges are classically bearish reversal patterns, the risk is definitely to the downside. There's a risk that ETH will see more bearish pressure over the next few months.
If BTC were to make a double bottom like last cycle, I assume that ETH will make a lower-low in the yellow area.
Personally, I'm keeping some cash on hand for this very bearish scenario. Will you? Share your thoughts in the comments.
If count that wedge as EW ,looks like need another push UP for big wave 5 ( now looks like wave 4) and when a trend line it's borke(up or down) ,that candle is big and have VOL too... for the moment i see little candle's.
JoeChampion
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Nice one fella!
SwallowPremium
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Totally agree with you, mate!!
Hellena_Trade
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love your trade)
ATradeSniper
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good idea
UnknownUnicorn52780235
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Bestt
KlejdiCuni
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I really like this pattern. It can work out very well. Thanks for sharing
Zen55555
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What do you think about the declining wedge on the daily chart? Going to break higher?