ETH - Are we in Danger?

10 thg 8, 2022

Even though the CPI numbers are "bullish", This could be one giant fakeout to the upside for liquidity before a plunge back down. On the daily timeframe we are currently forming a rising wedge. If we end up breaking our support, the breakdown target would be around $1300 (which would end up creating a bullish cup & handle on the weekly). In addition to this rising wedge, we are creating a giant bearish divergence on the daily. We have continued to make higher highs in price while our RSI has continued to make lower highs at overbought conditions. If we cannot get a daily candle close above our rising wedge resistance and a daily RSI close above 70, then a move to $1300 could be likely over the next few weeks.