ETH → a possibility
Updated
Hello guys.
If you are a risk appetizer read it:
Descending Trendline Break: The price is approaching two descending trendlines. A breakout above these trendlines would signal a potential bullish move.
Internal Trendline: An internal trendline is also visible, marking a shorter-term resistance. The engulfing pattern near this line suggests bullish pressure building up.
Support Zone: The horizontal yellow zone near the 2,180 level shows a strong support area, where the price previously found buying interest. This area has held, indicating demand.
Engulfing Candle: The engulfing candle indicates a potential bullish reversal, confirming the bounce from the support zone and signaling a potential trend shift.
Target Zone: The blue rectangular zone around the 2,820 level represents the target for this move. If the price breaks through the trendlines and sustains upward momentum, this could be the next major resistance area.
Bullish Potential: If the breakout is confirmed with volume, the target around 2,820 becomes achievable. However, failure to break the trendlines could result in a retest of the support around 2,180.
This setup suggests a bullish bias, contingent on a successful breakout above the descending trendlines.
___________________________
✓✓✓ Always do your research.
❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.
❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
If you are a risk appetizer read it:
Descending Trendline Break: The price is approaching two descending trendlines. A breakout above these trendlines would signal a potential bullish move.
Internal Trendline: An internal trendline is also visible, marking a shorter-term resistance. The engulfing pattern near this line suggests bullish pressure building up.
Support Zone: The horizontal yellow zone near the 2,180 level shows a strong support area, where the price previously found buying interest. This area has held, indicating demand.
Engulfing Candle: The engulfing candle indicates a potential bullish reversal, confirming the bounce from the support zone and signaling a potential trend shift.
Target Zone: The blue rectangular zone around the 2,820 level represents the target for this move. If the price breaks through the trendlines and sustains upward momentum, this could be the next major resistance area.
Bullish Potential: If the breakout is confirmed with volume, the target around 2,820 becomes achievable. However, failure to break the trendlines could result in a retest of the support around 2,180.
This setup suggests a bullish bias, contingent on a successful breakout above the descending trendlines.
___________________________
✓✓✓ Always do your research.
❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.
❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
Trade closed: target reached
it didn’t touch the mentioned area but the purpose of the move was achieved! and the trendline broke! so we can expect the price touches the next level
👉my recommended broker:
bit.ly/HYCM-M
__________
👉my recommended exchange:
bit.ly/LbankMelika
__________
My telegram channel:
t.me/melikatrader94
bit.ly/HYCM-M
__________
👉my recommended exchange:
bit.ly/LbankMelika
__________
My telegram channel:
t.me/melikatrader94
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.