This. Is Actually Bullish. But First. One More Liquidation?
Diupdate
Traders,
I'm seeing this on the Bitcoin chart as well (future post). But here on Ethereum we are in a bullish descending wedge. It should break to the upside soon. However, careful going all in just yet. My spiny senses are telling me we could have one more liquidation of longs incoming before all lights are green. Our .618 fib level seems to be holding well so, this might look like a quick wick down during the course of the day touching that bottom part of the descending triangle or even possibly the 200 day sma. Get ready to pull the trigger on those buy orders if that happens or even if it doesn't.
Stew
I'm seeing this on the Bitcoin chart as well (future post). But here on Ethereum we are in a bullish descending wedge. It should break to the upside soon. However, careful going all in just yet. My spiny senses are telling me we could have one more liquidation of longs incoming before all lights are green. Our .618 fib level seems to be holding well so, this might look like a quick wick down during the course of the day touching that bottom part of the descending triangle or even possibly the 200 day sma. Get ready to pull the trigger on those buy orders if that happens or even if it doesn't.
Stew
Catatan
As predicted, we had our small flush to the bottom of the wedge and now ....booom!!!
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