BTC - Dear August, Be Good! ETH Analysis insideHello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
As per my last picture idea, we have been waiting for BTC to test the gray zone and lower red trendline to look for trend-following buy setups.
BTC is already around the gray zone , and yes, as per the current market conditions, a movement till the 28k-30k resistance / supply zone is still expected.
Now What? As usual, as per my trading style, I will be waiting for the bulls to take over by breaking above the last high highlighted in orange.
Meanwhile, the bears can still kick in and break the channel downward, in this case we will be expecting a short-term bearish movement because the last major low (as highlighted on the chart) wouldn't be broken yet.
Regarding ETH:
Price broke the purple pennant downward, and as mentioned in this case, we will be looking for buy setups around the lower red trendline.
ETH rejected our red trendline and traded higher . for the bulls to take over again, we need a break above the last major high in blue.
Meanwhile, just like BTC, if the bears break below the trendline, then the first support would be around the 1500 zone.
Which scenario do you think is more likely to happen? and Why?
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
