Good Saturday Morning! ETHUSD is clearly my favorite trading object and here is another idea on the 1h chart.
A Wedge pattern is about to be created. I count 4. waves till now and I think it is a good moment to do an entry for a short position. Many will probably wait for the 5.wave before doing the entry, but then you will lose some percents inside the wedge. Only make sure you do a Stop loss. And if it does a break out in the oposite direction it is possible to do an entry after a possible pull back.
I think it will turn down because:
1. The Volume is still descending inside the Wedge Pattern 2. The potential from the Head & Shoulders Pattern is not finished yet. 3. It is finished with the testing of the 0.618 Fibonacci circle and is currently heading for the 0.768 Fibonacci circle. 4. Cup & Handle didn't go well. 5. My long term idea on ETH and BTC is bearish (Gann Fan, Fibonacci Circles, Gann Square arcs)
The break out should start within the next 14 hours.
Exit levels: TP1 = 539$ Global 0.618 Fibonacci level TP2 = 500$ Wedge Pattern potential TP3 = 475$ Global 0.786 Fibonacci circle TP4 = 462$ Global Bullish Gartley Pattern completed TP5 = 446$ Head & Shoulders Pattern Potential TP6 = 432$ Global Gann fan line TP7 = 416$ Global Bullish Bat Pattern completed
Have a good day!
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Seems like the break out is done after testing the support line. Note how the volume rised arround the break out.
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Seems like the Wedge Potential was the best target this time.
I'm still bearish even when it goes up this much today ;)