Descending Wedge formed on ETHPERP FINAL BOTTOM?
ETH has slid down to previous support at 2750 area, forming a descending wedge pattern.
2 factors to consider right now based on recent historic values we had a bounce back around 2562 at least 5x, furthermore descending wedge typically ends with breakout at the top. We should be able to see 3200 soon based on my TA.
We should also consider the fact that due to techstock sliding down, we're in a bit of oversold/ panic zone. it is unlikely to see further downside from here in my opinion. We will continue to observe the market for more fundamental updates.
I will be entering in a limit order sequence and counter the market if we see further slide, I will also be hedging with short 1/2 size of my counter longs.
2 factors to consider right now based on recent historic values we had a bounce back around 2562 at least 5x, furthermore descending wedge typically ends with breakout at the top. We should be able to see 3200 soon based on my TA.
We should also consider the fact that due to techstock sliding down, we're in a bit of oversold/ panic zone. it is unlikely to see further downside from here in my opinion. We will continue to observe the market for more fundamental updates.
I will be entering in a limit order sequence and counter the market if we see further slide, I will also be hedging with short 1/2 size of my counter longs.
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