Ethereum (ETH/USD) on the 4-hour bullish setup within an ascending channel. Here's the detailed breakdown:
1. Market Structure: The price is trending within an ascending channel, demonstrating bullish momentum.
A recent pullback has brought the price near the lower boundary of the channel, offering a potential buying opportunity. 2. Trade Plan: A BUY ORDER is placed around the current price level ($3,293.52), targeting higher levels within the channel. First Take Profit (TP1) is set at $3,500, aligning with a key resistance area within the channel. Final Target is at $3,792.51, which is near the upper boundary of the ascending channel. 3. Stop-Loss (SL): The SL Level is placed below the support zone at $3,051.10, minimizing downside risk if the trade idea fails.
4. Indicators: The SuperTrend indicator signals a possible reversal to bullish momentum. The momentum oscillator at the bottom suggests oversold conditions, supporting the bullish bias. 5. Conclusion: The capitalizes on the ascending channel's structure and anticipates a continuation of the uptrend. The setup offers a favorable risk-reward ratio for a long position.
Hello Guy's Here is My Analysis About ETH/USD Must Support And Don't Forgot Share Your Thoughts And Like button Note This Analysis Only For Educational Purposes don't Consider It Tarding Advice
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