largest time frame pattern (blue): falling wedge, ETH has been riding resistance for a while, a drop to support would be devasting bring price to the 10-25 dollar range...(funny oscar predicted ETH to 16, and i have a chart to support that).
medium time frame pattern (red): descending wedge, ETH fell outside of this pattern in december but got right back into it, currently sitting on support, a move up to test resistance brings prices to 120. Descending wedges typically break down. Target for this pattern fits perfectly with the larger time frame pattern @ 25.
small time frame pattern (yellow): falling wedge, currently playing around at resistance, a fall to support lands ETH around 90-92. This pattern typically breaks up. A breakout could take ETH to 140. This target is also the .65 on the fib retracement from high in january.
If the small TF wedge breaks up, this could get us out of the other patterns. I noted in the green marker a potential IHS with a descending neckline. 140 could potentially be the neckline test, and a bullish break of that pattern could bring us to 240. Excited to see how the next week or so plays out!
medium time frame pattern (red): descending wedge, ETH fell outside of this pattern in december but got right back into it, currently sitting on support, a move up to test resistance brings prices to 120. Descending wedges typically break down. Target for this pattern fits perfectly with the larger time frame pattern @ 25.
small time frame pattern (yellow): falling wedge, currently playing around at resistance, a fall to support lands ETH around 90-92. This pattern typically breaks up. A breakout could take ETH to 140. This target is also the .65 on the fib retracement from high in january.
If the small TF wedge breaks up, this could get us out of the other patterns. I noted in the green marker a potential IHS with a descending neckline. 140 could potentially be the neckline test, and a bullish break of that pattern could bring us to 240. Excited to see how the next week or so plays out!
Comment:
The medium time frame pattern (red) has proven its resistance in-tact! This is an extremely heavy and long term resistance for ETH. Simultaneously we have breached past the resistance of the longer time frame pattern (blue). I will be looking for ETH to test 100 areas again. If this area holds we can say the blue wedge's resistance confirms as new support!