ETH / USD The global situation. Pivot points. Channel.The trend.
Updated
ETH / USD In the global downward channel in which there are 3 phases of the "Bear measured move" as on bitcoin. We are now in phase 3. Attempts to break it were a recent time on Bitcoin, which is a good sign. If the price breaks the downtrend line last time and can consolidate above it, then this long-developing formation will be broken, and as a result, the market will turn around.
Here is the idea for BTC / USD. published 3 months ago.
Perhaps BITCOIN moved into the phase 3 of the "Bear measured move".
For the pair ETH / USD. Not everything is so straightforward, if we compare the 1st phase and the 3rd phase of the “bear measured move” on a coin, we see that there are differences in the price movement in the downward channel. In the first phase, the price was traded below the downtrend line, and in the 3rd phase, on the contrary, above the downtrend line. If this happens further, then in high probability we will be able to see an upward movement to the resistance of the downward channel, which is + 50%.
Next, you need to look at how the price will react to resistance, if it fixes above a downtrend (resistance), then there is a high probability of a trend reversal. A rounded bottom can be drawn, with the goal of the previous local maximum of $ 350. Then rollback, "Cup with a handle" or something similar and a new trend.
An important place in the work in the channel is occupied - this is the upper and lower boundary of the channel - an up / down break breaks the channel and the algorithm of work in the channel and thereby the further formation of the channel.
Particular attention for observation is the upper line of the downtrend of this trend, which formed the resistance of the channel. A break through it and consolidation above it will mean a trend reversal.
Also look at the situation at ETH / BTC locally. An ascending triangle could have formed, but the strength of the bulls was not enough, now the figure "Head and shoulders" is being formed. A figure will be confirmed only when there is a breakthrough and price fixing below the Neck level. But what I want to draw attention to is that the price is very close to the global downtrend line. (Red line). A high probability that they will make a breakthrough if the price can consolidate above it means the potential for a trend reversal, at least in relation to bitcoin.
Here is this trading idea: ETH / BTC Pivot Points. Ascending Triangle - Head and Shoulders
The opposite situation is on the ETH / USD pair, if the resistance does not break through or the price cannot consolidate above it, then trading in a downward channel from the trend lines and support levels that I have indicated on the chart. If the 3rd phase of the “Bearish Measuring Movement” continues to develop, then ETH / USD has a huge potential for working to lower the price.
In working in channels, a very important place is occupied by the intersection of the channel trend lines and important support / resistance levels! Look at the graph how the price reacts to these intersections. At these intersections, price reversals occur, thereby forming a further chart.
Here is the idea for BTC / USD. published 3 months ago.
Perhaps BITCOIN moved into the phase 3 of the "Bear measured move".
For the pair ETH / USD. Not everything is so straightforward, if we compare the 1st phase and the 3rd phase of the “bear measured move” on a coin, we see that there are differences in the price movement in the downward channel. In the first phase, the price was traded below the downtrend line, and in the 3rd phase, on the contrary, above the downtrend line. If this happens further, then in high probability we will be able to see an upward movement to the resistance of the downward channel, which is + 50%.
Next, you need to look at how the price will react to resistance, if it fixes above a downtrend (resistance), then there is a high probability of a trend reversal. A rounded bottom can be drawn, with the goal of the previous local maximum of $ 350. Then rollback, "Cup with a handle" or something similar and a new trend.
An important place in the work in the channel is occupied - this is the upper and lower boundary of the channel - an up / down break breaks the channel and the algorithm of work in the channel and thereby the further formation of the channel.
Particular attention for observation is the upper line of the downtrend of this trend, which formed the resistance of the channel. A break through it and consolidation above it will mean a trend reversal.
Also look at the situation at ETH / BTC locally. An ascending triangle could have formed, but the strength of the bulls was not enough, now the figure "Head and shoulders" is being formed. A figure will be confirmed only when there is a breakthrough and price fixing below the Neck level. But what I want to draw attention to is that the price is very close to the global downtrend line. (Red line). A high probability that they will make a breakthrough if the price can consolidate above it means the potential for a trend reversal, at least in relation to bitcoin.
Here is this trading idea: ETH / BTC Pivot Points. Ascending Triangle - Head and Shoulders
The opposite situation is on the ETH / USD pair, if the resistance does not break through or the price cannot consolidate above it, then trading in a downward channel from the trend lines and support levels that I have indicated on the chart. If the 3rd phase of the “Bearish Measuring Movement” continues to develop, then ETH / USD has a huge potential for working to lower the price.
In working in channels, a very important place is occupied by the intersection of the channel trend lines and important support / resistance levels! Look at the graph how the price reacts to these intersections. At these intersections, price reversals occur, thereby forming a further chart.
Note
Trade closed: target reached
+65%
Trade closed: target reached
ETH / USD (tradingview.com/x/Y2OPRsBZ/) + 100% There is a breakdown of the downtrend main line (channel resistance). The price goes to the resistance of the cup. I described this in advance in the trading idea and spoke in the video before this local trend in the video.
If the price holds above the downtrend of the main trend with a possible later retest, this will be a reversal of the main trend.
Note
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