Is this the time for a break out? or Is this just a retest?
Looking at the current pattern of ETH, we can see that ETH is currently making an Ascending Broadening Wedge in its price action!!!
According to research, this Ascending Broadening Wedge has a 79% chance of breaking towards the upside and 21% for breaking towards the downside...
On that note, we can be quite bullish overall as breaking toward the upside more or less is a 4 to 1 scenario.
But, also on that note... Will we see the breakout now? Or Will we see a retest of the wedge first?
To confirm this, we need to look at todays candle as to gauge the strength of ETH...
If it is strong enough, testing and breaking the 0.618 FIB level ($3360) pulled from the ATH to the lowest level from last months dip would be reachable.
On contrary, if this is just a test, and there's not enough powder to fire up ETH, I am predicting my green line as its next support test ($2880).
The green line is a minor 0.5 Fib level from the last correction ($2441) to the current high ($3342).
Comment down below which one do you think ETH will do??
Thank you for reading
According to research, this Ascending Broadening Wedge has a 79% chance of breaking towards the upside and 21% for breaking towards the downside...
On that note, we can be quite bullish overall as breaking toward the upside more or less is a 4 to 1 scenario.
But, also on that note... Will we see the breakout now? Or Will we see a retest of the wedge first?
To confirm this, we need to look at todays candle as to gauge the strength of ETH...
If it is strong enough, testing and breaking the 0.618 FIB level ($3360) pulled from the ATH to the lowest level from last months dip would be reachable.
On contrary, if this is just a test, and there's not enough powder to fire up ETH, I am predicting my green line as its next support test ($2880).
The green line is a minor 0.5 Fib level from the last correction ($2441) to the current high ($3342).
Comment down below which one do you think ETH will do??
Thank you for reading