Ethereum... mid term channel Vs. short term pennant
Updated
Hi everyone
what I see now on the chart, price is moving into an ascending pennant
but also is moving into a bigger descending channel.
what Indicators show us at the moment is a bullish sentiment at the market.
DMI ( Directional Movement Index) on 4H still positive in daily chart positive
price is now moving above Ichimoku cloud and 200MA both sign for bull trend on
4h time frame. on daily chart on the other hand still has work to do turning
to the steady longer time frame of a bull trend.
............................................................................................
So what to do?
my strategy is pretty simple. if the price touches the under line of the pennant
and pull back upward I take long position. if not wait to see what's next
our main support level for now is 2835$ below that level indicates the descending
channel is more important to look. above 3070 bulls have also upper hands.
so my green circle on the chart is a critical area to look.
Enjoy the market
what I see now on the chart, price is moving into an ascending pennant
but also is moving into a bigger descending channel.
what Indicators show us at the moment is a bullish sentiment at the market.
DMI ( Directional Movement Index) on 4H still positive in daily chart positive
price is now moving above Ichimoku cloud and 200MA both sign for bull trend on
4h time frame. on daily chart on the other hand still has work to do turning
to the steady longer time frame of a bull trend.
............................................................................................
So what to do?
my strategy is pretty simple. if the price touches the under line of the pennant
and pull back upward I take long position. if not wait to see what's next
our main support level for now is 2835$ below that level indicates the descending
channel is more important to look. above 3070 bulls have also upper hands.
so my green circle on the chart is a critical area to look.
Enjoy the market
Trade closed: stop reached
our stop hit and even dropped below it , the last chance of holding the price is 2730$ support level if not price will drop more. update later for support and resistant levels.
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