Etherium 20% soon. Buy at $3700
Hello all. Etherium went up 20% today, breaking the yellow resistance line and forming a broadening wedge pattern. The current eth price sits at $3650 which is the top of the resistance of the broadening wedge pattern (indicated by the purple lines).
This patten is a bearish chart pattern which makes me believe that ETH is due to a 20 % drop, the bottom of the channel. This level is approximately at $4000. However i believe that we can even see $3700, which will only make the move up even stronger.
For long entries i would start buying right at the range where the ascending support line sits around $3700-3800. I believe this level is strong enough to withstand the drop.
RSI on daily and also on the 4 hour chart is super over bough which is another reason we will have the drop. Don't buy yet, and set up your buy orders as i show in the chart.
Thanks for reading, and stay tuned. Enjoy.
This patten is a bearish chart pattern which makes me believe that ETH is due to a 20 % drop, the bottom of the channel. This level is approximately at $4000. However i believe that we can even see $3700, which will only make the move up even stronger.
For long entries i would start buying right at the range where the ascending support line sits around $3700-3800. I believe this level is strong enough to withstand the drop.
RSI on daily and also on the 4 hour chart is super over bough which is another reason we will have the drop. Don't buy yet, and set up your buy orders as i show in the chart.
Thanks for reading, and stay tuned. Enjoy.
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