RisingSupernova

Rising Wedge indicating a possible reversal on the 4H

Short
KRAKEN:ETHUSD   Ethereum / U.S. Dollar
The ETH 4H is forming a rising wedge with bearish volume divergence which is confirmed by a bearish TK cross. In order for this rising wedge pattern to remain valid price should remain under the 50% Fib retracement. At the time of writing, the price is sitting bang on the 50% level.

One must also bear in mind that the $BTC chart is in a somewhat more bullish setup, which may impact the way $ETH plays out due to the strong correlation between the two.
Trade closed: target reached: Interim target reached. Will keep an eye on the price action to see if it'll take another leg down to the $264 region.

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