ETH - Bullish Megaphone? 📣

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

I find ETH chart interesting. and here is why:

so far, ETH has been following the bullish megaphone pattern perfectly.

According to the pattern, we are currently on leg #5

🏹 For the pattern to get activated, hence the bulls to remain in control, we need a daily candle close above 1720

In this case, further bullish movement would be expected.

In parallel, if we break below the last H4 low in gray, then we will be expecting one more bearish movement till the support / demand zone 1530

In this case, as ETH approaches the blue support starting from 1550, we will be looking for new short-term buy setups.

What do you think?

Which scenario is more likely to happen? and why?

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich