Looks like our second descending wedge in a row worked perfectly and NOW we may be seeing a third such pattern forming before our eyes. It is small and it is hard to see the details on the 15 minute chart, but I have some HELP for you. Go to this video to see the details - www.youtube.com I am considering doing some of these throughout the week as conditions...
The chart in ETH/USD now shows us two VERY similar patterns after significant runups. The first descending wedge formed after a small symmetrical triangle. That broke out very nicely. Now it appears that we may be looking at a nearly identical descending wedge right on the heels of the first. The wedges and small triangle are outlined in green. And, remember,...
I entered the last week being a bit circumspect about the chart's reliability in getting a sense of where ETH/USD might have found bottom coming off the not-too-distant trek to over 400 - then heading almost as quickly for the 130's. That's some serious movement and I thought that the chart would likely be full of noise. I even thought that the chart might be...
Another possibly bullish pattern in the ETH/USD chart. Earlier in the week a descending wedge produced the exact result we were looking for when that wedge led to an up side breakout. Now we have a smaller pattern that is very similar in shape, but smaller. This pattern is outlined and highlighted in green as is the earlier version. It, too, is bullish and...
After having broken out from a clear descending channel (indicated with blue as the support line and red as the resistance line), ETH/USD first entered a secondary channel that lasted from 7/17 until 8/1. We have no broken out from THAT channel that ended up producing two perfect back tests of the broken red line (green arrows). Now the intrigue starts. It...
Last night there was what appeared to be a very well formed descending wedge in the ETH/USD chart. This morning, that idea had evaporated and we are now left with what appears to be a descending parallel channel. As long as we break out and OVER this channel before trading down to the last short term bottom at just over 200, the bulls will still be in control. ...
So far in the past week there have been no fewer than two descending wedge patterns in the ETH/USD chart and they have both been confirmed with a solid breakout and both reached their implied bullish targets. Now, as of about 1:00 a.m. EDT, it appears that yet another bullish descending wedge pattern is developing. That sort of begs the question - what IS a bull...
Mentioned day before yesterday that ETH/USD had formed a descending wedge bull flag with a target of 210-212. That happened like clockwork when the breakout confirmed the pattern. Also made note of resistance to be expected at 224 and... like someone reading a script, the strong move up halted at 224 and change. Now it appears that 224 is where a new bull flag...
This green Wedge played out perfectly. Next up... look for resistance right around where the long red candle started a few days ago around 224. That is the next goal for bulls to take and hold.
Outlined in bright green, the selling that has taken place in ETH/USD appears to be loosely organized into a descending wedge. This is a bullish shape that typically results in levels being achieved that are at least what they were prior to the start of the forming of the pattern. If this tendency holds true for this pattern, ETH/USD should soon start...
ETH/USD has broken out of the Bull Flag mentioned earlier today and, at this time, has also broken OVER the dark blue descending line of resistance. The key for bulls will be hold OVER this dark blue line and to consolidate at some level above this line in order to set up for another leg up that should make a bullish reversal clear for all to see. At that point...
Just a quick update... Looks like a potential BULL flag forming in the shape of a descending wedge. This is a very common shape for a bull flag. Also, notice the dwindling volume that is correlating to the flag pattern. Of course, like all patterns in the chart, it has to be confirmed with a breakout. Pattern and volume indicators in PINK.
The black line in this chart is clear resistance. Bulls will need a solid move above the dark black line in order to achieve a short term objective of turning ETH/USD around. Currently a nice strong move from yesterday;s target low in the upper 170's. Appears to be some quick consolidation on the 1 minute chart. Bull flag? Or hitting some resistance? We will...
Mentioned last night that ETH/USD had a minimum downside target of 179 as measured from the break down of the purple triangle yesterday, Now that minimum target has been met. Additionally, the minimum target is also a second back test of the red line of what was once resistance. This line, now broken out over, should serve as support. Where we get a solid...
The last two consolidation patterns all broke to the down side and we currently are trading at 185.00 with a minimum target of 179.00 from the last triangle that broke down today. There are still a few positives in the chart. First, this may be a setup for a second back test of the broken DESCENDING blue resistance line that was broken out over recently. The...
This chart shows a parallel channel that ETH/USD had been in for the first half of the year, then a corrective counter move that was in a less tight, but still recognizable channel. Now, ETH/USD has broken that DOWN trend and appears to be forming a possible inverted head and shoulders pattern. If this pattern is CONFIRMED with a strong move over ~250, the mid...