Every time price hits the top of this channel ETH has corrected. Will history repeat itself?
Bearish scenario: Negative divergence on the 4hr RSI and wide divergence on the daily. Inverted hammer on the 4hr. If the next candle close is a lower high, then a reversal is confirmed.
Alternative is a new divergent high to tag the top and then a correction.
Bullish: price seems to be building a bull flag with consolidation. A break and close above the channel with a retest from above will break the channel.
If it does correct there is support at the bottom of the channel.
Could be a nice swing trade if playing the channel works out. >20% in each direction
Bearish scenario: Negative divergence on the 4hr RSI and wide divergence on the daily. Inverted hammer on the 4hr. If the next candle close is a lower high, then a reversal is confirmed.
Alternative is a new divergent high to tag the top and then a correction.
Bullish: price seems to be building a bull flag with consolidation. A break and close above the channel with a retest from above will break the channel.
If it does correct there is support at the bottom of the channel.
Could be a nice swing trade if playing the channel works out. >20% in each direction