Basic rising wedge here that's about to break down based on volume drying up at the recent $305'ish peak. Target is $240 which might also lead to another bounce off of that long-term rising trendline I referenced in previous posts. I've sold a chunk of ETH and will buyback in that $240-250 area.
Hopefully that $240 stops it though, otherwise it could get ugly fast and we could see low-$100s.
Hopefully that $240 stops it though, otherwise it could get ugly fast and we could see low-$100s.
Komen:
There's a break of the wedge on barely any volume. Looks like BTC broke its wedge as well. This could easily get real ugly for bulls if volume panics now. Alternately we could just continue this slow dripping down with downside volume not appearing until things are real bad.
Komen:
Ooof! Mega-wrong! Volume didn't exist down there because both bulls and bears weren't in town. Bots took control, got ETHUSD back into the wedge and have just ignited a FOMO rally of minor proportions.
I'm watching the Sept. 11 high at $316.19 for a possible stop to buy-back (less ETH).
I'm watching the Sept. 11 high at $316.19 for a possible stop to buy-back (less ETH).
Komen:
In the end this was not a wedge at all but rather a triangle consolidation with $317 as the base. New all-time highs seem to be the target here as this rally has volume, has good structure with bases (ie isn't just straight up short covering) and overall is looking strong coming into Metropolis fork and then DevCon 3.