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thedailychartist
Nov 28, 2020 2:56 PM

ETHUSDT rising wedge could explain this week's selloff? Long

Ethereum / TetherUSBinance

Description

Looking at the weekly chart, market appears to have reacted to a rising wedge's resistance trend line this week in the form of an impulsive sell-off. While this is considered a bearish structure, I still see a strong bull trend that, in terms of probabilities, may continue higher.

With potentially trapped bears (no follow through sell-off yet) and weak bulls that are potentially going to get "trapped out", I am near-term bullish above 430, and maybe 360. This thing could get FOMO'ed to high heavens! :)
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