Beautiful Descending Broadening Wedge has been broken and confirmed.
Not the best rosk-reward-ratio, but looking at the volume and clarity of the breakout on 1H and solid confirmation moves on 15M, i think its gonna be a nice hike.
Unless Bitcoin snaps again.
ETH has been consistently hiking up since 3 weeks.
Finally ETH will have a healthy correction of probably 25%.
3 reasons why:
- Bollinger Bands almost topped out
- RSI is overbought
- most important: double divergence on volume and RSI.
Buckle up people and get read to buy at around 2.500 USD
Today we've reached a very important resistance level (grey trend line).
This level was a support at $0.42 when ETH was falling from $2.96 back in 2013.
This level was a support at $80 when it was falling from $1500 back in 2018.
Now it became a resistance level with 2 possibilties:
- Either ETH doesn't make it and goes for a correction to $2.200, which would be...
We might be forming a rising wedge .
I think latest on May 10th the wedge will break bearish with a technical price target of 3.100 USD, which also will be 200 EMA level and also 50% Fib Level.
Especially knowing that we didn't have a proper correction on ETH since 3 weeks.
Looks like ADA is forming a rectangle top.
One of the 2 scenarios will happen:
Short: ADA closes on the daily below 0.96 and falls the technical price target of 0.39$ or
Long: ADA closes on the daily above 1.56$ and takes a hike to technical price target of 2.25$
Personally i tend to a long position since we are in the Altcoin Season and RSI with MACD are in the...
Technical Price target if BTC confirms the "Inverted Cup Pattern" would be 37.500 USD. Which is also a 200 EMA.
In case BTC confirms a break out below 51.000 on a daily - preferably weekly, BTC might likely to fall all the way to 42.000.
Which also would be the 62,8 Fib Level - which was also strong resistance/support level from Jan 7th and Feb 28th.