ETH Weekly Heiken: Rising Wedge V2
Updated
Simple chart. I posted a while ago thinking the wedge shaded in white was legitimate. While it did break down, it appears we simply formed a larger wedge pattern. Not perfect, as we've wicked above and below the containing boundaries. Moreover, Volume has been a downtrend throughout the development of this pattern. Another strong move up, totally clearing the upper line and the 2nd standard deviation of the VWAP taken from ATH, would invalidate any ideas of a wedge. At that point it's up in the air what ETH could do next, perhaps a parallel channel can firm after a hypothetical break above 4k (which would be insane without at least one short term pullback imo). Over the coming weeks i'll be looking for this wedge to hold shape and focus on ETH revisiting its lower support line.
Note
RSI's are also showing slight negative divergence dating back to December '23. However negative divergence is not visible on a larger scale throughout the whole wedge (i.e Jun '22 and on). This lowers my confidence a little bit that the wedge is legit.
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