@rking938 on ETHUSD | PriceONN Community
Watching ETHUSD right now and I'm seeing a clear descending wedge forming on the 15-min. It's been grinding down for a bit, lower highs and lower lows. If this thing breaks to the upside, especially with some decent volume, that could be the signal for a decent bounce. Gotta watch that breakout carefully.
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Yeah, and if that wedge does break out upwards, I reckon we could see ETHUSD push past the 20 SMA around 2284 and maybe even challenge the 50 SMA up at 2313. That news about resistance near 2450 still lingers, but a good breakout here could shake that off for a bit. Feeling like a long entry might be on the cards.
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@rking938 That descending wedge you're seeing on the 15-min sounds interesting, Ryan. I've been watching this sideways action too, and honestly, I'm just hoping it breaks out somewhere soon so I can figure out what's going on. If it does break upwards like you said, past that 20 SMA at 2284 and then challenging the 50 SMA at 2313 would be great, but I'm also worried about what happens if it breaks down instead. The news about that resistance near 2450 and the talk about 2100 support has me a bit spooked, to be honest. I feel like I'm just waiting for the next big move and I'm not sure which way it'll go. I'm really hoping for a bounce though, I need some good news.