Description
⋅ Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
Imagine ETH is trading inside a building and you are currently on the third floor.
📌 1230 is currently your floor / support. For the bulls to take over, we need a break above the orange channel AND orange zone.
In this case, a movement till the ceiling 1300 would be expected.
📌 IF the 1230 support is broken downward, then you will be visiting your neighbor in the second floor to discuss ETH situation.
and so on...
As long as you are inside the building, you will be moving between these floors (locally)
📌 UNLESS you break below floor 1 or above floor 3, then you will leave the building for a longer journey.
If you break above floor 3, above 1300, then your next checkpoint would be around 1400-1500 resistance
Which scenario do you think is more likely to happen? Which floor is more likely to hold?
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich