ETHBTC has broken a major resistance. Swing traders alert.
Hello,
ETHBTC has broken out of the yearly resistance and retested itc confirming the former resistance level as a new support zone.
There is a possibility for ETHBTC to oscillate between the two major resistance zones before breaking out, giving traders an opportunity for swing trading.
The first target would consist of the middle line between both lines.
The larger scale targets, for swing trading, would consist of the height of the yearly triangle and its 50 percent and 25 percent lines. If the setup will be confirmed remains to be seen and does not entirely rely on ETHBTC but also on BTCUSD itself.
A bullish trading setup would be in place at a break above the major resistance zone which would be a confirmation for a trend reversal on the yearly chart, which certainly would attract more buyers, provided the BTCUSD will act accordingly.
In both cases I recommend a top-down and different time-frames method to enter the trade with care.
If you would like to read more about this specific instrument please let me know in the comments below or leave me a thumbs up, bringing a big smile on my face.
If you would like to know more about top-down and different time-frames method, please check out George Beaulieu on Youtube.
I wish you all the best and a good start into July 2019.
with patience
Heish
ETHBTC has broken out of the yearly resistance and retested itc confirming the former resistance level as a new support zone.
There is a possibility for ETHBTC to oscillate between the two major resistance zones before breaking out, giving traders an opportunity for swing trading.
The first target would consist of the middle line between both lines.
The larger scale targets, for swing trading, would consist of the height of the yearly triangle and its 50 percent and 25 percent lines. If the setup will be confirmed remains to be seen and does not entirely rely on ETHBTC but also on BTCUSD itself.
A bullish trading setup would be in place at a break above the major resistance zone which would be a confirmation for a trend reversal on the yearly chart, which certainly would attract more buyers, provided the BTCUSD will act accordingly.
In both cases I recommend a top-down and different time-frames method to enter the trade with care.
If you would like to read more about this specific instrument please let me know in the comments below or leave me a thumbs up, bringing a big smile on my face.
If you would like to know more about top-down and different time-frames method, please check out George Beaulieu on Youtube.
I wish you all the best and a good start into July 2019.
with patience
Heish
Comment:
Ethbtc managed to break above the major overhead resistance and is now restesting it on the 4h candle. If there is again a break belo, that is usually seen as abbearisch trading setup bringing near the idea of a consolidation phase between the two yearly resistances as stated above.