oreofiles.blogg.se - Ta rising wedge

The current support line has been historically a good S&R level and now it becomes a major support level again. This could show us that we have market structure and power to push the price upwards from the mentioned level and the next target would be around $260 where the minor trendline is. To break through this level, we have to fight with 200 EMA which starts to work as a strong resistance on the four-hour chart.Įthereum shows nice short-term higher highs and higher lows since Sept. Several times it has tried to break above that blue line, but those attempts were unsuccessful. The resistance line at $236 has been before a support and now it becomes a resistance. Be careful in this scenario!Įthereum(ETH/USD) is still on the "Rising Wedge"Īs Bitcoin, Ethereum trades currently between the two blue lines, support and resistance. It confirms that the bullish momentum is gone and the strong support level doesn't work anymore and the next stop would be on the major counter trendline which is around $6,300. If we see a candle close below the blue line and below the triangle trendline, let's say around $6,420, then it would be a bearish confirmation.

In the bigger picture, the overall trend is down and that's why we think it is simple to break downwards.

If we see a continuing move upwards in the near future and if we manage to break above the triangle upper resistance line at $6,767, then the triangle pattern shows us that the ideal target point would be around $7,300 where several weekly resistances are. At the moment we trade above the important EMA's and on the four-hour chart we got a bullish "Hammer" candlestick pattern and the hammer low bounced upwards exactly from the trendline and from the EMA's. We didn't catch that power and the price is still in the triangle. In general, during the weekends there is very low volatility and we needed a lot of power to make a breakout upwards. Also, we have nice and clean higher highs and higher lows on the price structure which indicates a little bullishness. However, we always have two breakout opportunities from the triangle, but this 'ascending' means that we have an edge to break upwards. Over the weeks, the chart has drawn a bullish pattern called "Ascending Triangle" which will indicate that we might see a breakout upwards.

Over the weekend, we touched it again and got a bounce, but this time, this level is much stronger than before because in this area we had the trendline and the golden Fibonacci level 62 percent crossing area which makes this price level much stronger to break through. 26th and 27th, it worked nicely as a support and it holds that price very nicely. The second one is below the current price at $6,460 which works as a support. Above is the resistance at $6,767 where BTC has tried to break out several times, one attempt was successful but let's call this a fakeout. Bitcoin is on the big “Ascending Triangle”Ĭurrently, it trades between the two blue lines.

Every investment and trading move involves risk, you should conduct your own research when making a decision. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of U.Today. *** Please note the analysis below is not investment advice.