ETHBTC Potential bullish break-out of the 9 month Falling Wedge.
The ETHBTC pair has been trading within a long-term Falling Wedge pattern since September 2022 and currently it is testing its top. This is also where the 1W MA50 (blue trend-line) is, so we can potentially have a double bullish break-out.
The 1W RSI has already broken above its 9-month Channel Down, issuing the first signal. If the price does break and close above the top of the Falling Wedge, we will target every Resistance level all the way to the 0.08560 High and buy on every pull-back. As you see the Fibonacci retracement levels match well with those Resistance levels, which are basically the Lower Highs of the Falling Wedge.
If the price fails to close above the Falling Wedge, then a potential rejection can pull it all the way down to the 0.06200 Low.
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The 1W RSI has already broken above its 9-month Channel Down, issuing the first signal. If the price does break and close above the top of the Falling Wedge, we will target every Resistance level all the way to the 0.08560 High and buy on every pull-back. As you see the Fibonacci retracement levels match well with those Resistance levels, which are basically the Lower Highs of the Falling Wedge.
If the price fails to close above the Falling Wedge, then a potential rejection can pull it all the way down to the 0.06200 Low.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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