Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
ETH has been bullish lately trading inside the rising blue channel.
However, this bullish movement is simply a big correction movement inside a bigger bearish channel in red.
The highlighted purple circle is a strong zone that might be holding ETH down as is the the intersection of:
1- Upper Red Trendline acting as a non-horizontal resistance
2- Upper Blue Trendline acting as a non-horizontal resistance
3- 1500 being a horizontal resistance and round number
But of course, no matter how strong a zone is, price can still break it upward.
Thus, as ETH approaches the purple circle zone, I will zoom in to lower timeframes and look for bearish reversal setups for extra confirmation that the bears are taking over.
In parallel, as ETH approaches the lower blue support and trendline, we will be looking for buy setups.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
ETH has been bullish lately trading inside the rising blue channel.
However, this bullish movement is simply a big correction movement inside a bigger bearish channel in red.
The highlighted purple circle is a strong zone that might be holding ETH down as is the the intersection of:
1- Upper Red Trendline acting as a non-horizontal resistance
2- Upper Blue Trendline acting as a non-horizontal resistance
3- 1500 being a horizontal resistance and round number
But of course, no matter how strong a zone is, price can still break it upward.
Thus, as ETH approaches the purple circle zone, I will zoom in to lower timeframes and look for bearish reversal setups for extra confirmation that the bears are taking over.
In parallel, as ETH approaches the lower blue support and trendline, we will be looking for buy setups.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Trade Made Simple
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram
t.me/thesignalyst
Best CFD broker - Tickmill
cutt.ly/TickmillReal
CFD Broker - TradeNation
cutt.ly/GrTivmRC
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram
t.me/thesignalyst
Best CFD broker - Tickmill
cutt.ly/TickmillReal
CFD Broker - TradeNation
cutt.ly/GrTivmRC
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Trade Made Simple
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram
t.me/thesignalyst
Best CFD broker - Tickmill
cutt.ly/TickmillReal
CFD Broker - TradeNation
cutt.ly/GrTivmRC
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram
t.me/thesignalyst
Best CFD broker - Tickmill
cutt.ly/TickmillReal
CFD Broker - TradeNation
cutt.ly/GrTivmRC
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.