ETH Renko (Daily 14pd ATR block size), Potential Reversal @$3k
My recent idea of a rising wedge bearish continuation pattern may be invalidated at this point because of ETH's pop up the 3k (unless i'm willing to accept the blemish of a large fakeout breakout). However, it still remains that things are looking overheated on multiple time-frames (w.r.t regular candles). Moreover, volume has been decreasing throughout this entire extended uptrend. So I took a step back and tried to see if renko bars could off a clearer view of that's going on with ETH.
Looking at fib lines, there appears to be confluence around the $3000 level where ETH is currently meeting short term resistance. To a naive eye like mine, stoch rsi (14) and regular rsi (14 & 7) appear to be in a slowing/coiling uptrend. Perhaps a trend reversal is due assuming assuming the $3000 level holds as a stiff resistance and we get a legit bearish cross on the stoch. In the event of reversal, i'll be looking at $2500 and $2100 as the first levels levels to add. However i'm aware that we could go quite a bit lower if we actually reverse trend.
Full disclosure, I sold around $2650 so yes i'm a little salty that we popped up to 3k haha.
Looking at fib lines, there appears to be confluence around the $3000 level where ETH is currently meeting short term resistance. To a naive eye like mine, stoch rsi (14) and regular rsi (14 & 7) appear to be in a slowing/coiling uptrend. Perhaps a trend reversal is due assuming assuming the $3000 level holds as a stiff resistance and we get a legit bearish cross on the stoch. In the event of reversal, i'll be looking at $2500 and $2100 as the first levels levels to add. However i'm aware that we could go quite a bit lower if we actually reverse trend.
Full disclosure, I sold around $2650 so yes i'm a little salty that we popped up to 3k haha.
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Here's what we look like on a regular scaled daily chart with candles.
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Here's my rising wedge idea based on the log heikin weekly. Wedge not quite as visible on a regular chart tbh.
