#ETH/USDT
ETH is inside ascending parallel channel, and now faced resistance zone between 0.5 and 0.618 fib levels of last 4h swing down.
🐻 rejection from this zone and break down from lower line of channel can drop price to $600 as channel will act as bearish flag.
🐮 break out from middle line can increase price to $1500 to complete the double bottom pattern.
ETH is inside ascending parallel channel, and now faced resistance zone between 0.5 and 0.618 fib levels of last 4h swing down.🐻 rejection from this zone and break down from lower line of channel can drop price to $600 as channel will act as bearish flag.
🐮 break out from middle line can increase price to $1500 to complete the double bottom pattern.
Trade active
#ETH/USDTlast analysis is still valid
price is below middle line of ascending channel.
🐻 price can drop to support zone between 0.5 and 0.618 fib level of last swing high which is the same with lower line of channel.
🐻🐻 break down from lower line of channel will drop price to $700.
🐮 break out from middle line will increase price to upper line.
Note
#ETH/USDT#update
ETH broke down from ascending channel, so bearish flag activated and price can drop to $700 and lower.
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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.