ETH seems to be retesting the descending purple channel it broke out from back in November. My target is the blue oval, where the descending blue channel, descending purple channel and the rising white channel intersect.
It is also the end of the month in the next couple of days, so the rising white channel, if it holds wouldn't allow for any more downward price action on the monthly chart. Notice how its making a run for it very quickly lately before the end of the month.
We shall see as I'm placing a small buy order there.
MONTHLY CHART
It is also the end of the month in the next couple of days, so the rising white channel, if it holds wouldn't allow for any more downward price action on the monthly chart. Notice how its making a run for it very quickly lately before the end of the month.
We shall see as I'm placing a small buy order there.
MONTHLY CHART
Note
getting a little nervous - opening below my rising white channel. Its done this before at very beginning of its formation. Lets hope this monthly close above $420 and doesn't dive from here.Note
It may still want to test the top of the falling purple channel before it starts it ascent.Note
time to backup for new highs!
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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.