ETH found a bottom at a long term parallel channel support. I have posted about this channel in the past. I am bullish on ETH as long as that channel holds. When I say I am bullish it means I am buying the dips. Anytime price acting retraces I buy more, or add to my long position.
Some important support/resistance zones are marked by blue boxes on this chart. The upper area of resistance starts just at the flat daily kijun, So I am expecting significant resistance there. Still a lot of room to move up and toward that Kijun and the big red ichi cloud out in front. Expecting bullish trend until those areas at least. We are not back in a bullish primary trend until we can breach and stay above the red Ichi cloud in my opinion, but I am in a long position already.
If price action drops below the support box it is inside I see Tenkan support at $450 area, and a Bollinger baseline support at 430. If the parallel channel is broken - lower support line on this chart. I would become bearish on ETH.
In a bullish Primary or secondary trend, look for retraces in price action to add to your position and take profit when the trend shows signs of changing.
This is not financial advice. I am not your financial adviser. This is presented for educational purposes only.
Some important support/resistance zones are marked by blue boxes on this chart. The upper area of resistance starts just at the flat daily kijun, So I am expecting significant resistance there. Still a lot of room to move up and toward that Kijun and the big red ichi cloud out in front. Expecting bullish trend until those areas at least. We are not back in a bullish primary trend until we can breach and stay above the red Ichi cloud in my opinion, but I am in a long position already.
If price action drops below the support box it is inside I see Tenkan support at $450 area, and a Bollinger baseline support at 430. If the parallel channel is broken - lower support line on this chart. I would become bearish on ETH.
In a bullish Primary or secondary trend, look for retraces in price action to add to your position and take profit when the trend shows signs of changing.
This is not financial advice. I am not your financial adviser. This is presented for educational purposes only.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.