ETH/USD - Descending Broadening Wedge Breakout to $475
Hello Future Millionaires!
We may be very close to resolving this pattern to the upside! If the bulls cannot close above resistance at $401.55, then we're likely to see downside toward the bottom of the range, then we'll re-access.
Setup valid once candle closes above the purple box of peace and prosperity!
I'm looking for a 1H/2H/3H/4H close above $401.55 for confirmation of a breakout from the falling wedge.
If price action is moving quickly, then I will consider entering upon breakout around $409.00.
Have a wonderful day and please hit that like to show your support! It only takes a quick second! Thank you!
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Technical Analysis
Pros
-In strong weekly uptrend
-Bullish cross of the red 4H 10SMA and yellow 21EMA
-Price closing above yellow 4H 21EMA
-4H hidden bullish divergence
-ETH.D looking bullish
-Descending broadening wedge is more likely to break to the upside
-BTC printing an ascending triangle
-Traditional markets in strong bullish uptrend
Cons
-Possible 3 drives of bearish divergence on the 24H being confirmed
-Lower time frame momentum stochastics are overbought
-May touch support again around $380.00
---
Guide to My Charts
-The horizontal purple boxes of peace and prosperity are support/resistance 'zones'. If price pierces through one side, then it is likely to head toward the next support/resistance zone or line.
-The purple lines are support/resistance lines.
-Yellow lines are typically used to chart out pattern formations on the daily and higher time frames. Skinnier red lines may are typically smaller time frame trends (like 4H and 1H).
-The colored lines are MAs (Red: 10 simple, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Grey: 200EMA, White: 200SMA, Maroon: 377EMA.
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile (HVP), RSI, and/or stochastics indicators are below the chart if displayed.
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Entry: 401.55000000
Entry Zone: 393.15-411.15
T1: 409.25
T2: 418.25
T3: 429.25
T4: 439.00
T5: 450.00
T6: 460.00
T7: 475.00
Stop: 376.98503874
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R:R: 2.99
Risk: 6.12%
Reward: 18.29%
Leverage: 5X
Leveraged Risk: 30.6%
Leveraged Reward: 91.45
Risk Assessment: HIGH
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my trade ideas and are intended for educational purposes only. It is imperative that everyone conduct their own, independence, research prior to entering any trade.
We may be very close to resolving this pattern to the upside! If the bulls cannot close above resistance at $401.55, then we're likely to see downside toward the bottom of the range, then we'll re-access.
Setup valid once candle closes above the purple box of peace and prosperity!
I'm looking for a 1H/2H/3H/4H close above $401.55 for confirmation of a breakout from the falling wedge.
If price action is moving quickly, then I will consider entering upon breakout around $409.00.
Have a wonderful day and please hit that like to show your support! It only takes a quick second! Thank you!
---
Technical Analysis
Pros
-In strong weekly uptrend
-Bullish cross of the red 4H 10SMA and yellow 21EMA
-Price closing above yellow 4H 21EMA
-4H hidden bullish divergence
-ETH.D looking bullish
-Descending broadening wedge is more likely to break to the upside
-BTC printing an ascending triangle
-Traditional markets in strong bullish uptrend
Cons
-Possible 3 drives of bearish divergence on the 24H being confirmed
-Lower time frame momentum stochastics are overbought
-May touch support again around $380.00
---
Guide to My Charts
-The horizontal purple boxes of peace and prosperity are support/resistance 'zones'. If price pierces through one side, then it is likely to head toward the next support/resistance zone or line.
-The purple lines are support/resistance lines.
-Yellow lines are typically used to chart out pattern formations on the daily and higher time frames. Skinnier red lines may are typically smaller time frame trends (like 4H and 1H).
-The colored lines are MAs (Red: 10 simple, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Grey: 200EMA, White: 200SMA, Maroon: 377EMA.
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile (HVP), RSI, and/or stochastics indicators are below the chart if displayed.
---
Entry: 401.55000000
Entry Zone: 393.15-411.15
T1: 409.25
T2: 418.25
T3: 429.25
T4: 439.00
T5: 450.00
T6: 460.00
T7: 475.00
Stop: 376.98503874
--
R:R: 2.99
Risk: 6.12%
Reward: 18.29%
Leverage: 5X
Leveraged Risk: 30.6%
Leveraged Reward: 91.45
Risk Assessment: HIGH
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my trade ideas and are intended for educational purposes only. It is imperative that everyone conduct their own, independence, research prior to entering any trade.
Comment:
Follow us now for regular technical analysis on the hottest cryptos!
Comment:
Here is the TA for the short!
Comment:
Not sure how I ended up with a wedge, but I must have been on another time frame!
Here is the updated chart and measured moves!
The $420 measured move and the $440 measured move look like great areas for profit targets!
Here is the updated chart and measured moves!
The $420 measured move and the $440 measured move look like great areas for profit targets!
Comment:
This could be the 1st 4H candle we have closed above the top side of the triangle. For extra 'confirmation', I'd like to see this next 4H close above $397.43 to show us that the bulls are pushing. Ideally though, for an even more reliable bullish confirmation of the breakout, we want to see a close above $401.
www.tradingview.com/x/i0kuYprH/er
www.tradingview.com/x/i0kuYprH/er
Comment:
4H closed above the top side of the triangle with a nice volume signature!!!
Ready for blast off?
Ready for blast off?
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