ETH Falling Wedge
Updated
Falling wedge formation with divergence showing on RSI (oscillator is moving upward as price downward trends). Two options here. Buy the bounce off the dip and set stop-loss to break even or wait for break out and ride the wave. Down trend could continue further so always trade with caution.
-Important to remember we are in overall downtrend and that the wedge is showing on these small time frames. Not expecting a full trend reversal. For this price target is set no higher than the beginning of the pattern for me.
-the further this wedge sinks the better returns though downtrend view will not change for me.
-Important to remember we are in overall downtrend and that the wedge is showing on these small time frames. Not expecting a full trend reversal. For this price target is set no higher than the beginning of the pattern for me.
-the further this wedge sinks the better returns though downtrend view will not change for me.
Note
Hitting resistance. Perfectly drawn wedge by yours truly. Looking to break still though RSI has not yet convincingly crossed 55-60 to give bulls that slight confidence. Still easy 1-3%.Order cancelled
closed this for now after that lower low
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