I saw this rising wedge coming but I think the recent mania is driving a lot of eager buyers. Rather than a huge break down to the breakout value minus the width of the wedge we are seeing major support at 250. The same bullish mania that drove the formation of the wedge is now developing a descending triangle. Will the bulls break it and go up to 280 or will the bears bring it crashing down. My money is on the bears but I am cautiously watching. What do YOU think?
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So it seemed like this pattern was predicted well but I began to notice very odd behavior on GDAX. Also noted was the insanely low volumes on Poloniex, Kraken, and GDAX. Once in the descending triangle I noticed that on low volume we were approaching the all time high very slowly in a stepwise fashion. It seems that someone or some enterprise group with very deep pockets is slowly but steadily driving the price up and creating FOMO. I think many people found this to be very odd on forums as well. Any sell resulted in an instant retaliatory buy via bot market buys. Also noted were 500 eth sell blocks every 50 cent increment. This bot/trader pushed the price up very successfully even with major sell pressure. I've always seen the fake sell walls on GDAX as a problem but this new behavior is very unsettling. The bot REFUSES to let the price ever drip and is steadily marching it up to a new ATH. I have cashed out my funds into FIAT and will be waiting to see what happens in the next 48 hours. Something feels wrong to me about what is going on right now.
My rising wedge holding strong for now. Let's see if it breaks free of its constraints as predicted for a new ATH.
veilkrand
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This is just a correction bouncing the 250 line, it won't break down. ETH will be super bullish at least for the next 10 days.
oshin11
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@veilkrand, Like I said, there is definitely eth mania going on but I'm just showing what the TA points to. Whether it completes accurately according to TA is another story. That being said, I think the new money that rolled in from EEA brought with it a lot of euphoria, as seen by the fast recovery from 110 and the formation of the rising wedge. Next 10 days may be bullish to people who follow crypto but I don't think the China event is going to drive as much of a price increase as the following EEA energy event. I think a dip may happen before we go back up toward 300. The wedge says a drop to 160 but I think we are in too much of an manic eth bull phase for that.
oshin11
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@veilkrand, Forgot to mention that the last couple of small runs leading up to 268 were on much lower volume that the massive EEA run. 200K vs 400-500K (GDAX Volume quoted)