BTC fever is taking hold again. Will ETH moon, or will it fall out of its massive rising wedge and complete a larger ABC correction?
We should find out by years end. The 50% fib looks like the line in the sand. If we break above and out of the rising wedge, price can move quickly to the top of the rising channel in blue, between $1700 and the 1.68 around $2200
If we break below the EMA70 and out of the rising wedge to the downside, another year or so of corrective price action may follow. I have measured the move by the percentage of the move of the first ABC wave down, rather than the dollar value, otherwise, the target would be minus a lot and that can't happen.
Enjoy the ride :)
We should find out by years end. The 50% fib looks like the line in the sand. If we break above and out of the rising wedge, price can move quickly to the top of the rising channel in blue, between $1700 and the 1.68 around $2200
If we break below the EMA70 and out of the rising wedge to the downside, another year or so of corrective price action may follow. I have measured the move by the percentage of the move of the first ABC wave down, rather than the dollar value, otherwise, the target would be minus a lot and that can't happen.
Enjoy the ride :)
Comment:
Played out well :)