- ETH is a ticking bomb at this moment, because my analysis suggests an explosive move is about to happen. I hope your bags are full!
- As you can see, the price is breaking out of a bullish pennant on the 4h chart with a successful retest. What more do you need?
- The price is moving in an ascending parallel channel, and it's very important for ETH to hold this channel; otherwise, we are going to lose the bullish momentum.
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately.
- From the Elliott Wave perspective, we are currently still in the 3rd wave, so you don't need to worry about a potential crash; it's not going to happen. During wave 4, we will see a small pullback, but nothing dramatic. After we finish this whole impulse wave, then it's going to be awful, and the bears will step in.
- The first stop is the next strong resistance. Quarterly / monthly highs and 0.5 FIB are definitely strong resistance, there is no doubt about it. This could be your profit target for this trade if you want to trade in the short term.
- Since the start of the new year, I haven't opened any short positions on futures. I only trade longs at this moment, and this strategy is indeed extremely powerful, because the trend is your friend.
- Thank you, and for more ideas, hit "Like" and "Follow"!
