CUBE Somnium Space Cubes Price Action

CUBE Somnium Space Cubes Price Action

Hello friends, today you can review the technical analysis on the 1D linear scale chart for Ethereum ( ETHUSD ), an altcoin cryptocurrency.

#CryptoPickk noted in the chart:

1) The Somnium Space Cubes price has been in a triangle pattern since early November 2021. The price is approaching the apex of the triangle pattern .
2) There is also a rising broadening wedge pattern also noted with the red line forming within the triangle pattern .
3) The price has the potential to re-test the bottom of the trendline which meets the 0.236 Fibonacci Retracement level before a nice move upwards. Keep an eye on the $17-$18 range.
4) The RSI ( relative strength index ) has been supported by a bottom trendline and has potential to re-test it again. This is outlined with the red circle on the RSI chart.
5) The Stochastic RSI ( Stoch RSI ) is hovering in the overbought region but based on prior trends, it may complete a double top before going back down. However it has potential to go straight down as well, which would bring the price down accordingly.
6) The Volume is low, which may be the reason why a sizable move is coming soon.
7) If the price breaks up out of the triangle pattern , keep an eye on the re-test around the $21-$22 range (where the 0.618 Fib level is) before moving higher.

What are your opinions on this?

If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.

Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don’t trade based on my advice. Do your own research! #cryptopickk