Ethereum is creating a textbook wedge pattern, indicating a breakout soon. The only question remains, to which side?
In my experience, these types of patterns are bad in prediction the direction of the next move. The way I use them is to guess on when the next move may occur. And as far as i'm conserned, we're nearing the end of this pattern, indicating we can expect something to happen this month.
Now to give an indication for a direction: my bias is actually to the upside. We'll get a confirmation when the price is able to break the resistance zone. If we see a rejection, then the price is more likely to break bearish.
Fetch Trends indicator may also flip to an uptrend by tomorrow, giving a higher probabilty the price will breakout to the upside.
If you turn on the Fetch Trends indicator, and turn on the moving averages in the settings, then you're able to see that we may flip bullish tomorrow. You're able to find the indicator here.
In my experience, these types of patterns are bad in prediction the direction of the next move. The way I use them is to guess on when the next move may occur. And as far as i'm conserned, we're nearing the end of this pattern, indicating we can expect something to happen this month.
Now to give an indication for a direction: my bias is actually to the upside. We'll get a confirmation when the price is able to break the resistance zone. If we see a rejection, then the price is more likely to break bearish.
Fetch Trends indicator may also flip to an uptrend by tomorrow, giving a higher probabilty the price will breakout to the upside.
If you turn on the Fetch Trends indicator, and turn on the moving averages in the settings, then you're able to see that we may flip bullish tomorrow. You're able to find the indicator here.