ETH break the falling wedge , where is the next target ?🤔
Hello traders 🐺 .
recently I published an idea about ETH that you can find it in the related idea down below this update for the ETH so I decided to update you guys about it and possible moves for the ETH .🐺🚀
first of all I want to talk about the volume , because as you can see at the point of the break out from the falling wedge we haven't enough volume to consider this break out as a legitimate break out , but as you can see in the chart above ETH price break above the EMA ribbon and now EMA ribbon start to flip bullish ; but in my opinion there is strong chance to see this thing revers and come down and retest the lower triangle trend line or maybe just retest the falling wedge pattern , but why I think so ?
because for any break out we need to see volume to consider that as a legitimate break out , but in this case we haven't it yet . second of all if you look at the RSI you can see a very clear bearish divergence which in my opinion the reason why that we haven't enough volume in the break out point ; in the other side price must break the weekly resistance structure ( red box ) and also must break the 4H triangle pattern , also in the daily time frame ETH is till below the EMA ribbon ; so honestly I think the chance of the fake out is extremely high at this point .
recently I published an idea about ETH that you can find it in the related idea down below this update for the ETH so I decided to update you guys about it and possible moves for the ETH .🐺🚀
first of all I want to talk about the volume , because as you can see at the point of the break out from the falling wedge we haven't enough volume to consider this break out as a legitimate break out , but as you can see in the chart above ETH price break above the EMA ribbon and now EMA ribbon start to flip bullish ; but in my opinion there is strong chance to see this thing revers and come down and retest the lower triangle trend line or maybe just retest the falling wedge pattern , but why I think so ?
because for any break out we need to see volume to consider that as a legitimate break out , but in this case we haven't it yet . second of all if you look at the RSI you can see a very clear bearish divergence which in my opinion the reason why that we haven't enough volume in the break out point ; in the other side price must break the weekly resistance structure ( red box ) and also must break the 4H triangle pattern , also in the daily time frame ETH is till below the EMA ribbon ; so honestly I think the chance of the fake out is extremely high at this point .
