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Looks like ethereum is at a technical breakout, closing above the downtrend line on the daily.
This is an example of a falling wedge breakout reversal pattern, and please not the retest
and bounce off the top of the downtrend line. Also, the daily pivot for july 19th is tagged
and rebounded off.
Per Stockcharts wiki site, this is the example of a falling wedge pattern. Per the website:
The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices
move lower. This price action forms a cone that slopes down as the reaction highs and reaction
lows converge. In contrast to symmetrical triangles, which have no definitive slope
and no bias, falling wedges definitely slope down and have a bullish bias. However, this
bullish bias cannot be realized until a resistance breakout. The falling wedge can also fit into the continuation
category. As a continuation pattern, the falling wedge will still slope down, but the slope
will be against the prevailing uptrend. As a reversal pattern, the falling wedge slopes
down and with the prevailing trend. Regardless of the type (reversal or continuation), falling
wedges are regarded as bullish patterns. Prior Trend: To qualify as a reversal pattern,
there must be a prior trend to reverse. Ideally, the falling wedge will form after an extended
downtrend and mark the final low. The pattern usually forms over a 3-6 month period and
the preceding downtrend should be at least 3 months old.
Upper Resistance Line: It takes at least two reaction highs to form the upper resistance
line, ideally three. Each reaction high should be lower than the previous highs.
Lower Support Line: At least two reaction lows are required to form the lower support line.
Each reaction low should be lower than the previous lows.
Contraction: The upper resistance line and lower support line converge to form a cone
as the pattern matures. The reaction lows still penetrate the previous lows, but this
penetration becomes shallower. Shallower lows indicate a decrease in selling pressure and
create a lower support line with less negative slope than the upper resistance line.
Resistance Break: Bullish confirmation of the pattern does not come until the resistance
line is broken in convincing fashion. It is sometimes prudent to wait for a break above
the previous reaction high for further confirmation. Once resistance is broken, there can sometimes
be a correction to test the newfound support level.
6. Volume: While volume is not particularly important on rising wedges, it is an essential
ingredient to confirm a falling wedge breakout. Without an expansion of volume, the breakout
will lack conviction and be vulnerable to failure.
As with rising wedges, the falling wedge can be one of the most difficult chart patterns
to accurately recognize and trade. When lower highs and lower lows form, as in a falling
wedge, a security remains in a downtrend. The falling wedge is designed to spot a decrease
in downside momentum and alert technicians to a potential trend reversal. Even though
selling pressure may be diminishing, demand does not win out until resistance is broken.
As with most patterns, it is important to wait for a breakout and combine other aspects
of technical analysis to confirm signals.
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