ETH/USDT : Bullish channel in HTF and FallingWedge in LTF !
ETHUSDTHello everyone 😃
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#ETH is moving in an ascending channel currently and it just the 1st target calculated by linear FIB's retracement.
Now the mentioned target level which is located at $4659.43 is causing a pressure zone into the channel and it can lead the pair below it; So we'll head to lower time-frame chart, possible scenarios and other paired charts to complete vision on #ETH !
🔰 We'll firstly take look on current 12H's chart and discuss about it's possible bullish scenarios :
- Hold the ascending channel and rush to the next target level at $5462.80 :
The current ascending channel has hold the pair for more than 46 days and if current dynamic support formed by the candles low holds the price, Then we can expect another leg-up to the channel's higher trendline !
But before that, I'm looking for another retest on channel's lower to gain more bullish momentum...
🔴 Any breakdown below the channel's lower will cause a dump and it'll lead the pair to the lower 12H's S/R zone ( $3950.29 - $4173.28 ).
- Pullback from the 12H's S/R zone :
After breakdown confirmation we can sell our holding and wait for #ETH to retest the lower S/R zone ( 14% lower ).
We can re-enter on zone retest and set our stop-loss as three candle close below the entering zone ! ( The calculated R/R is ~5 ).
🔴 For this case we need #ETH to break below the channel and it means that #BTC start to do some correction below 60K's level.
Also any invalidation on 2nd entry zone will change the favor for bulls into bears favor; So we need to watch the mentioned levels carefully, Otherwise we'll face a drop to 3.2K's zone and 2.6K's zone !
📊 MID-TERM chart, Falling wedge :
#ETH is currently trying to break above a falling wedge that it's formed on 10th Nov, But it's not confirmed the breakout yet and we still have the possibility to retest the lower supports before any major leg-up.
I would suggest two entries based on 4H's TF;
- 1st one will be on breakout confirmation of current falling wedge, Which is targeting above the last ATH, So it can be a good chance for bulls to build another sky bridge towards the next FIB's target !
But Also as we're talking the beginning candle of break-out is diving back to the wedge, So that's why we suggest a secondary entry.
- 2nd one will be on the three mentioned zones, We'll use partials as our main strategy to split our total portfolio engagement into 3 entries.
The main target is standing as the once but we'll averaging our entries on ($4284.43 - $4349.89), ($4162.12 - $4105.41), ($3901.36 - $3828.05).
The average of our entries will standing around ~4K's 12H's S/R zone, The invalidation will be a 3 candles close below $3745.45 as bullish invalidation line !
📊 ETH/BTC's chart, Bearish scenario :
#ETH is suffering below an 1D Supply zone and it can now form a double top as a most possible scenario and let the dominance run for #BTC while #ETH is going sideway on USDT's pair.
The last possible scenario is for the bears, Who have the control on #ETH's dominance by possible #BTC's bull-run
If the mentioned double tap forms and #ETH works out on it, Then there'll be two possible scenarios :
- #BTC's bull-run starts and #BTC's dominance increases because of the growing.
- #BTC's fails to hold above the 61K's level or #ETH fails to hold into the ascending channel.
In both case we'll face a dominance decreasing on #ETH and other ALTs except when #ETH fails to hold in channel !
📚 Also there's a bullish order-block formed on ETH/BTC's chart which can lead the price back and confirm the bullish pullback, In that case; We may experience another ranging channel on #BTC's chart.
📑 Conclusion :
#ETH is moving in an ascending the channel, The target of bullish bias is $5462.80.
The bullish bias will hold till we get a confirmation below the 12H's Demand zone !
Our entries will be on the breakout confirmation on MID-TERM chart and the retest on channel's bottom.
Or on the retest of 12H's Demand zone.
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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
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