ETH / BTC. Work on a coin. Reversal zones. Double bottom. + 35%
Updated
After breaking through the previous horizontal channel that existed for almost a year, and lowering the price exactly to the width of the channel, the price formed a new channel. At the moment, the price has begun to form a double bottom figure, with a mining potential of + 35%.
You also need to understand that above the price of the local maximum there is a very strong resistance of the mirror level and a downward trend of the local trend, which will act as an additional load on the price movement. If the price cannot overcome all these obstacles, then the lateral movement in the horizontal channel will continue, which is not so bad as the channel pitch of 35-40%. Watch channel support if price returns to it.
Also pay attention to the downtrend of the main trend (red line) - if the double bottom works, then the price will overcome it, therefore, this is the potential for the reversal of the main trend.
Comment. On May 20, bitcoin halving, if the price is driven up, then in this pair the price of ETH will decrease, which is logical. And vice versa. So use this opportunity in arbitration BTC-ETH ETH-USD BTC-USD. It is very profitable. I have a teaching idea about this.
ENTRANCE and TARGET
1) The entrance is now with a potential of about + 20% to the channel resistance (yellow zone). Further along the situation, how will resistance be overcome.
2) The entrance at fixing prices above the resistance of the mirror level is the potential of working out the double bottom 30 + 35%.
3) Enter the market when confirming support for the bottom of the existing channel, if the price returns back to the bottom of the channel.
Stop loss
Under key support levels during your entry into the market.
You also need to understand that above the price of the local maximum there is a very strong resistance of the mirror level and a downward trend of the local trend, which will act as an additional load on the price movement. If the price cannot overcome all these obstacles, then the lateral movement in the horizontal channel will continue, which is not so bad as the channel pitch of 35-40%. Watch channel support if price returns to it.
Also pay attention to the downtrend of the main trend (red line) - if the double bottom works, then the price will overcome it, therefore, this is the potential for the reversal of the main trend.
Comment. On May 20, bitcoin halving, if the price is driven up, then in this pair the price of ETH will decrease, which is logical. And vice versa. So use this opportunity in arbitration BTC-ETH ETH-USD BTC-USD. It is very profitable. I have a teaching idea about this.
ENTRANCE and TARGET
1) The entrance is now with a potential of about + 20% to the channel resistance (yellow zone). Further along the situation, how will resistance be overcome.
2) The entrance at fixing prices above the resistance of the mirror level is the potential of working out the double bottom 30 + 35%.
3) Enter the market when confirming support for the bottom of the existing channel, if the price returns back to the bottom of the channel.
Stop loss
Under key support levels during your entry into the market.
Trade closed: target reached
1 target taken + 20%
Trade closed: target reached
all target taken + 55%
Perhaps we will see a reversal of the main trend if the price closes above the downtrend line (red line).
Trade active
Note
Trade closed: target reached
+54% +21% +26% +82%
Trade closed: target reached
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