ETH/USDT multi time frame: up or down?
Updated
In the weekly time frame, after falling to the sensitive level of $1000, it has made its corrective move in a rising wedge pattern. As shown in the picture, this corrective movement was accompanied by a decrease in volume
In the daily view, an uptrend has started and the important areas of support and resistance are clear on the chart
All the current upward movement can be displayed in the form of a channel
In the next image, as you can see, after an upward impulse wave, the price inside a downward channel has made its corrective movement and after hitting the main trendline, it has managed to exit the channel.
The channel breaking target is specified
4H: Finally, I imagine two scenarios for ETH that I have specified in the picture. If the support level and the upward trend are maintained, I expect it to touch the $2060 level in the next step
If the current support and the short-term trend line fail, the target will be the long-term trend line range and order block at the level of $1720-1730
Reading your comments makes me happy and motivates me to continue
Thank you so much
In the daily view, an uptrend has started and the important areas of support and resistance are clear on the chart
All the current upward movement can be displayed in the form of a channel
In the next image, as you can see, after an upward impulse wave, the price inside a downward channel has made its corrective movement and after hitting the main trendline, it has managed to exit the channel.
The channel breaking target is specified
4H: Finally, I imagine two scenarios for ETH that I have specified in the picture. If the support level and the upward trend are maintained, I expect it to touch the $2060 level in the next step
If the current support and the short-term trend line fail, the target will be the long-term trend line range and order block at the level of $1720-1730
Reading your comments makes me happy and motivates me to continue
Thank you so much
Comment
Considering the breaking of the trendline and the failure of the bullish scenario, I am waiting for a short position in the resistance rangeTrade closed manually
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