ETH Broadening Wedge
ETH has been in a downtrend since May, but it's been forming a nice broadening wedge and is near the top end now. A break above should lead to a big move, at least back to the May high. That'll be my target for now, if it does make it all the way up there and breaks that too, I'd continue looking for longs.
We have a shorter term uptrend that could be used for an entry or stop loss if ETH pulls back, but if that never gets tested it may just go on to breakout from here. It's important to get confirmation with a pattern like this, there may be some fakeouts and other hard to read action. This will take time to develop, but if we get the wedge break, the trend should be up for the foreseeable future.
We have a shorter term uptrend that could be used for an entry or stop loss if ETH pulls back, but if that never gets tested it may just go on to breakout from here. It's important to get confirmation with a pattern like this, there may be some fakeouts and other hard to read action. This will take time to develop, but if we get the wedge break, the trend should be up for the foreseeable future.
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ko-fi.com/advancedplays/tiers
Short Thesis:
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
ko-fi.com/advancedplays/tiers
Short Thesis:
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
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