ETH/USD Rising Wedge (Short Idea)

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Hello traders, ETH/USD is forming a clear potential rising wedge that may soon break to the downside if it closes a 3 hour or 4 hour candle below the trendline. Looking at the technicals, on Cipher A, it printed a Blood Diamond on the 4 hourly, supported by some of my usual entry criteria's being met for a short on Cipher B's money flow in the green and RSI being overbought with a confirmed bearish divergence. Momentum on the other hand looks as though there is more room for it to go down before exhaustion (oversold), thus expect upwards price action in order for momentum to cross back above the baseline - giving bears more room to push the price down in order for the money flow to cross. Usually I would short from a level of resistance but I do not personally trade alts as much and would have entered a short position at the top of the rising wedge trendline where it serves as a level of resistance.

Obviously it hasn't had a candle close outside of the rising wedge and may even be too early to tell and can be invalidated, but food for thought thus keep tracking it to see where it goes. If it does close below the wedge, look for a retest of the wedge's lower trendline acting as resistance once broken below with volume confirmation, confirming the breakdown, for a possible short.

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ملاحظة

A clear descending triangle formed on the lower time frames which statistically breaks down. The downwards trendline lined up exactly with the retest level of the rising wedge, and confirmed breakdown.

٦ نوفمبر ٢٠٢١

ملاحظة

People who took this trade that I called in my signal group, have now made this risk free, and have now realised a large portion of profits off trade.

٦ نوفمبر ٢٠٢١

ملاحظة

Can now leave it to ride to price target, risk free. All to gain, nothing to lose.

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ملاحظة

Breakeven SL should be triggered and should be stopped out in profit :))