Description
⋅ Hello TradingView Family / Fellow Traders,
From a long-term perspective, ETH is currently rejecting the upper bound of the brown channel.
Weekly Chart:
📈 For the bulls to take over again from a long-term perspective, a weekly candle close above 2600 is essential for the bulls.
If achieved, a movement toward the next resistance at approximately 3000 could be anticipated.
H4 Chart:
📉 Conversely, the bulls will remain in control from a medium-term perspective as long as the local support in red at 2100 holds.
If the 2100 is broken downward, a bearish correction till the 1750.0 mark would be expected.
🏹 Meanwhile, for the bulls to take over again short-term, we need a break above the last minor high from 4h at 2285.
Which scenario do you think is more likely to happen first? and why?
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Richard Nasr