Abu-Sushi

ETHUSD .. Rejection or breakout ?!

BITSTAMP:ETHUSD   Ethereum
Hello everyone this is my ETHUSD idea on daily time frame .. before we continue my analysis few things to keep in mind

Big picture we are bullish .. we are in a healthy uptrend so far …
Price broken important resistance trend lines .. ( green and orange line ) I expect them to be a good support
Price is trading in a uptrend channel ( red line and black line )
So far price is maintaining uptrend inside this channel ..

Now we discuss bullish and bearish thesis and how to trade this pair ..

For bulls ( buying thesis )
if price break the red line ( daily close above ) we can continue a new high .. ( area between 800-900)
You wanna be a buyer from black line to target red line and above as long as black line hold ( no daily candle close below )
You wanna be a buyer from orange line to target black line and above as long as orange line hold ( no daily candle close below )
You wanna be a buyer from green line to target black line and above as long as green line hold ( no daily candle close below )

For bears ( selling thesis )
You wanna sell from red line to target black line as long as red line hold ( no daily candle close above )
You wanna sell if daily candle close below black line to target Orange and green line as long as ( no daily close above black line )

Note : there is a hint .. that price could break the channel to the above .. RSI indicator price was being stuck inside a traingle
and we could have a break out if the upper line hold .. as support

for any question feel free to ask :) and good luck

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