We have seen strength today in the crypto markets, including Etherium versus the Dollar. You will note that Bitcoin and many other alt coins are forming a rising wedge formation. This is a bearish chart pattern.
Etherium in particular has just made a high high, yet a lower low on the RSI indicator. This is also bearish signal. Volume has also been decreasing, indicating the last move higher is quickly losing momentum.
With the higher time frame supply zone shaded in yellow, it is probable that we will see strong selling pressure.
Trade targets are shown.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Etherium in particular has just made a high high, yet a lower low on the RSI indicator. This is also bearish signal. Volume has also been decreasing, indicating the last move higher is quickly losing momentum.
With the higher time frame supply zone shaded in yellow, it is probable that we will see strong selling pressure.
Trade targets are shown.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Trade closed manually:
Good trade. Didn't work out.
