Hello guys,
Just a quick trading idea I came up with today morning on the 4-hour chart. I haven't changed it since I still think it is the most probable scenario for ETH if we consider the bull trend as valid.
So, the ETHUSD pair is in an uptrend channel since the beginning of January and it is trading within its boundaries for almost 4 weeks now. The $1,230 horizontal line acts as a solid support resistance and a baseline for the current uptrend movement.
Given the fact that the price fluctuations tend to narrow down with each day, I came up with the above-suggested scenario of how the ether will progress towards another visit of the all-time high.
Additionally, we are very much close to the RSI oversold area and the Volume Zone Oscillator is at the same level where it was during the last big pullback on January 21.
A drop below the lower boundary of the uptrend channel and eventually $1,100 will invalidate this setup.
Regards
Just a quick trading idea I came up with today morning on the 4-hour chart. I haven't changed it since I still think it is the most probable scenario for ETH if we consider the bull trend as valid.
So, the ETHUSD pair is in an uptrend channel since the beginning of January and it is trading within its boundaries for almost 4 weeks now. The $1,230 horizontal line acts as a solid support resistance and a baseline for the current uptrend movement.
Given the fact that the price fluctuations tend to narrow down with each day, I came up with the above-suggested scenario of how the ether will progress towards another visit of the all-time high.
Additionally, we are very much close to the RSI oversold area and the Volume Zone Oscillator is at the same level where it was during the last big pullback on January 21.
A drop below the lower boundary of the uptrend channel and eventually $1,100 will invalidate this setup.
Regards
Comment:
This one as well is going as planned. ETH did not drop below $1,230, which proofed the stability of that support zone.