We are waiting (ETH)Looks like a breakout is likely to happen around mid april/early may. This can go both ways but i have my reasons to be still be bullish despite the current price action.
Right now we are moving down in a wedge.
This is likely to break to the upside when reaching the lower end, we might hit the closest resistance point and consolidate/slowly move down again.
However we should note that the pattern isn't exactly of a symmetrical triangle but rather resembles it a bit, as we have not made contact with the lower end of the uptrend channel more than once, this is making me think that we could be extending the dowtrend a bit more outside the pennant and make contact with the uptrend line and get closing candle at least twice before we get any real confirmation of anything.
There is a a general bearish sentiment, and we are still in a downtrend but i think that we can hit a reversal sooner rather than moving down to the beginning of the uptrend e.g moving down to the major support line(s) - blue lines.
So now we are waiting... And don't jump to any conclusions to fast, acknowledging that we are still under the bears control and trade with caution, Scalp trading with small position is best here before going in for a big long.
