Of course I am very bullish in Eth but in the short term I am bearish.
Rising wedge = bearish & historic resistance
It has shown in the previous price actions this is a very strong resistance level and usually we see a movement towards downwards and based on probability i believe it will happen again.
But of course trading is reactive not predictive, if it manages to break through and hold above the area I will be entering a long, but for now I am bearish and looking for the price to retrace to the 0.5 fib before we see the next movement upwards, if not a bit lower between 0.786-0.618
Rising wedge = bearish & historic resistance
It has shown in the previous price actions this is a very strong resistance level and usually we see a movement towards downwards and based on probability i believe it will happen again.
But of course trading is reactive not predictive, if it manages to break through and hold above the area I will be entering a long, but for now I am bearish and looking for the price to retrace to the 0.5 fib before we see the next movement upwards, if not a bit lower between 0.786-0.618