*Using Poloniex for historical data. Shorting can be done on other exchanges, Bitmex in the case of this analysis.
ETH is within an Ascending Broadening Wedge for its overall history, currently having broken below the lower trend line with the Weekly 60-Day Hull Moving Average and the 175-Day HMA above it at $235. A cross of these two HMA's could occur within the next 2 weeks.
According to Charles Bulkowski (can be viewed on his PatternSite website or in his Encyclopedia of Chart Patterns) the measure rule for targets of Broadening Wedges is the beginning of the formation, for which in the case of Etherium would see it go back to $1. With that, here are levels of Support to consider for targets...
Measuring the move from 6/24/19 to 7/15/19, on the Weekly, as a Motive Wave gives local targets of $172/$129/$86 before reaching the December 2018 low of $74.
A Short with multiple targets and a tight stop would be the best play here, with orders laddered higher than the current price, in case of an attempt to break above the lower trend line...
ETH is within an Ascending Broadening Wedge for its overall history, currently having broken below the lower trend line with the Weekly 60-Day Hull Moving Average and the 175-Day HMA above it at $235. A cross of these two HMA's could occur within the next 2 weeks.
According to Charles Bulkowski (can be viewed on his PatternSite website or in his Encyclopedia of Chart Patterns) the measure rule for targets of Broadening Wedges is the beginning of the formation, for which in the case of Etherium would see it go back to $1. With that, here are levels of Support to consider for targets...
Measuring the move from 6/24/19 to 7/15/19, on the Weekly, as a Motive Wave gives local targets of $172/$129/$86 before reaching the December 2018 low of $74.
A Short with multiple targets and a tight stop would be the best play here, with orders laddered higher than the current price, in case of an attempt to break above the lower trend line...
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*Thomas Bulkowski not Charles.
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