ETH rejected the 4500. NOW WHAT?
ETH is overall bullish trading inside our brown channel so we will be looking for Trend-Following Buy setups as it approaches the lower brown trendline.
Moreover, the area 3950-4000 is a "Resistance turned into Support".
So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the green support and lower brown and red trendlines.
As per my trading style:
I will be waiting for it to approach the highlighted purple circle area to look for buy setups (like a double bottom, trendline break, and so on...)
And we would be overall bullish unless the sellers manage to break below the green zone and brown trendline downward.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
ETH is overall bullish trading inside our brown channel so we will be looking for Trend-Following Buy setups as it approaches the lower brown trendline.
Moreover, the area 3950-4000 is a "Resistance turned into Support".
So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the green support and lower brown and red trendlines.
As per my trading style:
I will be waiting for it to approach the highlighted purple circle area to look for buy setups (like a double bottom, trendline break, and so on...)
And we would be overall bullish unless the sellers manage to break below the green zone and brown trendline downward.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
This analysis is done using RichTL
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www.RichTL.com
My Telegram Channel
www.t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal