ETH left downtrend and started a new up cycle.
Just broke out,wait for a correction. First target is 260, wait for a correction towards yellow trendline.
Dont chase candles!
Updates will follow on lower timeframe.
Just broke out,wait for a correction. First target is 260, wait for a correction towards yellow trendline.
Dont chase candles!
Updates will follow on lower timeframe.
Note
After topping out, ETH retraced as I expected which looks to me as a classic ABC-correction. Currently forming a bearish pattern bearflag which indicates more downside.We have 2 options right now:
1) It doesnt break top at 304 and retraces back to (C)
2) It goes a bit more up as RSI shows it has short term room to the upside and retraces from the little blue box in top.
Trading advice: wait for further correction to (C) and watch price action there for next leg up or go short if it breaks the trendline. I will update if necessary.
Note
Just a small note extra about Trading Advice: if B extends to the blue box, it will be also a nice short to C. If it doesn't break to the upside!Note
Watch price action.....A break out to the upside changes the pattern
tradingview.com/chart/Z1iG7mSF/
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.