ETH is in this curious wedge and bouncing between its margins.
After touching the top, we formed a new ATH and resistance and were quickly pushed down back to support. If we fall off this wedge then we will go back to $1,400. If not the path upwards is clear and 2,000 is our next significant resistance.
The indicators on 4h are not looking good. MACD did a negative cross again and RSI shows a bearish divergence... so I expect us to re-test the local support before we build enough confidence to go higher. So long we don't fall off this wedge, I remain bullish.
On daily, ETH is looking good for now, but if we fall off this wedge, then daily will also look bearish similar to 4h timeframe. Pay close attention to what happens here, because it will be decisive for the next week or so at least.
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After touching the top, we formed a new ATH and resistance and were quickly pushed down back to support. If we fall off this wedge then we will go back to $1,400. If not the path upwards is clear and 2,000 is our next significant resistance.
The indicators on 4h are not looking good. MACD did a negative cross again and RSI shows a bearish divergence... so I expect us to re-test the local support before we build enough confidence to go higher. So long we don't fall off this wedge, I remain bullish.
On daily, ETH is looking good for now, but if we fall off this wedge, then daily will also look bearish similar to 4h timeframe. Pay close attention to what happens here, because it will be decisive for the next week or so at least.
Like and follow if you liked this idea! Also join my crypto community to stay in touch!
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