RLinda ! ETHUSD-> Consolidation after the breakout. What's next?
ETHUSDT on the local timeframes forms a change of trend. The descending channel formed at the beginning of April 2022 is smoothly changing to an uptrend.
We see the formation of a local upward price channel. The price clearly reacts to the boundaries of the range. As part of this move, we see a retest of the trend resistance from April 3, 2222. At the moment the price breaks through this line and consolidates in the long zone.
Also worth considering is the fact that when the price is in a range, it moves from the borders of the channel to the borders. We can see that after testing the support the price breaks through the trend resistance, but the upper border of the channel has not been reached by the price - I will consider it as our target, if the price will be able to hold above the trend resistance.
Regards R. Linda!
We see the formation of a local upward price channel. The price clearly reacts to the boundaries of the range. As part of this move, we see a retest of the trend resistance from April 3, 2222. At the moment the price breaks through this line and consolidates in the long zone.
Also worth considering is the fact that when the price is in a range, it moves from the borders of the channel to the borders. We can see that after testing the support the price breaks through the trend resistance, but the upper border of the channel has not been reached by the price - I will consider it as our target, if the price will be able to hold above the trend resistance.
Regards R. Linda!
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