ETHUSD Swing Trade Correction

I am about as bearish as one can get on crypto right now until BTCUSD completes the pattern I see developing and expounded upon in by linked post regarding Bitcoin not being a fiat alternative. But things don't go straight down and there are corrections. I posted this falling wedge in a update to my ETHUSD linked post, you can see the fuller reasoning there, but basically we are in a falling wedge, target of about 275-285. I prefer a trade on ETHUSD because the chart looks clearer to me.

I am calling for a lower low and this is a great chance to do a technical swing trade while you wait for stuff to fall. Once again, I am not a financial adviser, and I am not your adviser, but this formation is fundamental, if a bit weak compared to other formations. Target is 62% the distance from A to B as I don't think we will reach the top of the wedge. If it does then I'll have taken profits too soon as we over-perform. But I'll be able to short from higher up. I do suspect we will be handing out around my target area or some while consolidating, say 2-3 weeks while people start to realize its not going up.

This chart below is on the log chart so the wedge isn't as nice, and it shows we could reach the 20M/80W SMA as it already acted as resistance, which is one reason I don't think we double top at ~375ish. Any buying above the 20M/80w SMA is very high risk at this time.

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My original post should have gotten the attention of the longer term traders and this price action should have the shorter term traders paying attention.

We are starting to break through the 4h EMA ribbon, which is a common tool for shorter term traders. I would expect a more impulsive breakthrough and then a retest of either the EMA ribbon as it unfurls bullish or a retest of one or both of the internal structures that bound the price action as it came out of the wedge. Or, we will get a retest of the wedge itself.

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So far we have another wedge forming after our break out. This wedge appears terminate on our rising support and we have returned to retest the range between 173 and 175 as support. So far this looks good for the beginning stages of the correction I see happening from these falling wedges. There is a nasty habit of price action lancing down so I am personally keeping my stop losses below this box. I am considering moving them up, not sure where.

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We just tested the wedge. For those waiting to test this trend line as support it just happened. We still may test it lower down with another bounce but so long as it holds it should be a platform for our blast off.