ETHEUR moving to complete a wedge - beginners opinion
This is my first published tech analysis idea so please be gentle. I'm happy to hear some feedback though, I really wanna learn this stuff.
So lets jump right into it.
Looking at the 4h chart of ETHEUR we see that we broke the downward channel (red line) on 02-26. What I think to see in this pattern is a rising wedge (green deshed line) which will complete at 03-03 09:00 (very roughly).
Right now we bounced off the EMA50 (yellow line) nicely and the EMA200 (blue line) is getting closer to the top wedge line which might become the resistance till the wedge pattern completes.
You know what they say about rising wedges, we need to have a look at the bottom line. If it breaks out to the bottom the price might fall to 6.1k - 6.5k.
But if the wedge completes it might be the signal for a lift off.
Share your thoughts and leave a comment. I'm excited what you think about it. I'm very excited to get back to this in a few days, seeing what happend.
So lets jump right into it.
Looking at the 4h chart of ETHEUR we see that we broke the downward channel (red line) on 02-26. What I think to see in this pattern is a rising wedge (green deshed line) which will complete at 03-03 09:00 (very roughly).
Right now we bounced off the EMA50 (yellow line) nicely and the EMA200 (blue line) is getting closer to the top wedge line which might become the resistance till the wedge pattern completes.
You know what they say about rising wedges, we need to have a look at the bottom line. If it breaks out to the bottom the price might fall to 6.1k - 6.5k.
But if the wedge completes it might be the signal for a lift off.
Share your thoughts and leave a comment. I'm excited what you think about it. I'm very excited to get back to this in a few days, seeing what happend.
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