イーサリアム／米ドルショート
ETHUSD mixed price movement
Price movement is mixed as the date of the hardfork draws near. To analysis the possible price trend the following will be used: chart pattern and ichimoku cloud metrics.
CHART PATTERN:
On the 4hours time frame, a chart pattern has been spotted which indicate that price will likely move down to test some low price support.
The rising wedge chart pattern, The wedge formation looks much like the symmetrical triangle. What makes it different is its slant. The wedge formation has a noticeable slant against the prevailing trend. Therefore, a rising wedge is considered bearish.
In a bearish wedge, traders should wait for three rising peaks. The current look at the price, it has broken out(downward) of the rising wedge pattern but yet to close. Price has stayed inside the pattern for 12 days, which the pattern more valid because wedges take less time to form in downtrends than in uptrend.
THE ICHIMOKU CLOUD METRIC(doubled cloud setting 20,60,120,30)
As the chart pattern signals a bearish move to the downside with test of some near support, the Ichimoku metrics set up signals a test of the $142.9(which is called the KIJUN BOUNCE).
The ichimoku cloud set up on the 4hours time frame indicates that price is above the cloud, everything has flipped bullish and will probably test the $142.9 and continue its up trend because of the TK RECROSS.
A TK recross above cloud is an extremely bullish predictor of future price action and should be seen as a high probability long re-entry.
A test of the $145 and move up back will likely happen.
Remember TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty)
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.
CHART PATTERN:
On the 4hours time frame, a chart pattern has been spotted which indicate that price will likely move down to test some low price support.
The rising wedge chart pattern, The wedge formation looks much like the symmetrical triangle. What makes it different is its slant. The wedge formation has a noticeable slant against the prevailing trend. Therefore, a rising wedge is considered bearish.
In a bearish wedge, traders should wait for three rising peaks. The current look at the price, it has broken out(downward) of the rising wedge pattern but yet to close. Price has stayed inside the pattern for 12 days, which the pattern more valid because wedges take less time to form in downtrends than in uptrend.
THE ICHIMOKU CLOUD METRIC(doubled cloud setting 20,60,120,30)
As the chart pattern signals a bearish move to the downside with test of some near support, the Ichimoku metrics set up signals a test of the $142.9(which is called the KIJUN BOUNCE).
The ichimoku cloud set up on the 4hours time frame indicates that price is above the cloud, everything has flipped bullish and will probably test the $142.9 and continue its up trend because of the TK RECROSS.
A TK recross above cloud is an extremely bullish predictor of future price action and should be seen as a high probability long re-entry.
A test of the $145 and move up back will likely happen.
Remember TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty)
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.
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