Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
ETH has been slight bullish for the last couple of weeks trading inside the red channel as a bullish correction.
📈 However, ETH is now approaching a strong resistance zone marked in purple, as it is the intersection of the upper red and orange trendlines.
For the bulls to remain in control, we need a break above the green zone and both trendlines.
📉 Meanwhile, ETH can still reject the purple zone and trade lower to test the lower red trendline again.
If the red channel is broken downward, then we will expect a deeper bearish movement till the 1700 support zone.
Which scenario is more likely to happen next? and why?
📚 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 slight bullish for the last couple of weeks trading inside the red channel as a bullish correction.
📈 However, ETH is now approaching a strong resistance zone marked in purple, as it is the intersection of the upper red and orange trendlines.
For the bulls to remain in control, we need a break above the green zone and both trendlines.
📉 Meanwhile, ETH can still reject the purple zone and trade lower to test the lower red trendline again.
If the red channel is broken downward, then we will expect a deeper bearish movement till the 1700 support zone.
Which scenario is more likely to happen next? and why?
📚 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
Kucoin Exchange
kucoin.com/r/af/signalyst
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram
t.me/thesignalyst
Best CFD broker - Tickmill
cutt.ly/TickmillReal
Kucoin Exchange
kucoin.com/r/af/signalyst
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
Kucoin Exchange
kucoin.com/r/af/signalyst
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram
t.me/thesignalyst
Best CFD broker - Tickmill
cutt.ly/TickmillReal
Kucoin Exchange
kucoin.com/r/af/signalyst
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.