Good day all,
It seems that on the larger picture ETH is within a larger rising channel. It has however fallen back into a narrower rising channel forming a rising wedge at its top. The 9 MA has crossed the 21 MA with a strong upwards direction with the 200MA currently supporting the rising channel and wedge. Volume has decreased slightly and continuance of this trend might lead to a retest of the support structures within the rising channel and the larger channel bottom. In my view ETH will have to fill the rising wedge before a breakout might occur. The RSI shows a clear bearish divergence which compared to the Heiken Ashi trend we see a slight change in market sentiment. This might change in the short term to re-test the upper neck line. However if the volume and sentiment shows any further weakness I expect a test of the lower structures leading into the rising wedge. NFA
Have a great day.
It seems that on the larger picture ETH is within a larger rising channel. It has however fallen back into a narrower rising channel forming a rising wedge at its top. The 9 MA has crossed the 21 MA with a strong upwards direction with the 200MA currently supporting the rising channel and wedge. Volume has decreased slightly and continuance of this trend might lead to a retest of the support structures within the rising channel and the larger channel bottom. In my view ETH will have to fill the rising wedge before a breakout might occur. The RSI shows a clear bearish divergence which compared to the Heiken Ashi trend we see a slight change in market sentiment. This might change in the short term to re-test the upper neck line. However if the volume and sentiment shows any further weakness I expect a test of the lower structures leading into the rising wedge. NFA
Have a great day.
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