@ajones587 on ETHUSD | PriceONN Community

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ajones587 PRO newbie
ETHUSD Feb 20
Anyone else notice the rising wedge forming on the hourly chart? Could signal a potential reversal soon. Watching for a break below the lower trendline to confirm. Also, keep an eye on the 50 SMA; it's been acting as dynamic support lately.
ETHUSD

Replies (2)

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ajones587 PRO newbie Feb 20
Another update: Okay, so the wedge broke to the upside instead. False alarm on the reversal, I guess. This market's wild. Now looking at a potential long position if we can break above 1975 with confirmation. The 200 SMA is right there, so that's the key level to watch. Maybe a retest of 1970 could be a decent entry. Definitely need to wait for some volume to confirm the breakout before jumping in though. Don't want to get faked out again. Always protect your capital.
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ajones587 PRO newbie Feb 20
Update: still watching that rising wedge. It hasn't broken down yet, but the volume is decreasing, which makes me think a move is coming. The RSI is also starting to show divergence, which further supports the bearish reversal idea. I'm considering a short position if it breaks below 1950, with a tight stop loss above the wedge. Target would be around 1930 initially. What do you guys think?
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