Long

ETH/USDT : Moving into a ascending channel right now

Updated

Hello everyone 😃

#ETH is moving into an ascending channel which has formed below a daily order block ( Main resistance zone ).
It's expected for #ETH to have a rejection from this point, But also; It's possible to break !

So we'll have multiple scenarios for at this level :
- Ascending movement with demi corrections till the resistance zone, Goes sideway for a cooldown on indicators and break above the zone.
- Engulf $3441.73 line and take hold above resistance zone after retest on lower supports ( The most expected movement ! ).
- Rejects to break above resistance zone and dive to lower supports after a retest on it ( If #BTC fails to break above 51K, Then it will be the most possible scenario ).
- Rejects to move into the ascending channel and dive below it, The target should be H12 support zone, Which have the daily MA200 as a backup for bulls.

🔰 Most of the scenarios have this opportunity to retest the resistance zone !
So the best strategy will be :

Take LONG for resistance zone after a confirmation on channel's lower line -->
- Set your asks below the zone and set bids again on a hold above resistance zone after an engulf above $3441.73 line -->
- Next targets are mentioned on chart !

📚 You will cover most of movement here; But there will be another setup. You can wait for a rejection below channel ( If #BTC shows weakness ) and take SHORT for mentioned support zone !
🔴 Don't take SHORT after a retest on resistance zone, There won't be any visible confirmation for a dive; Except #BTC rejects to break 51K.

Hope you enjoyed our analysis about ETH's possible directions🙌
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Attention: this isn't financial advice we are just trying to help people on their own vision.

Have a good day!
Helical_Trades

Trade closed: target reached

1st target is here ;D

Helical_Trades

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