Hi guys
We are in downtrend at ETHUSD and have a good opportunity for a short position. But why ?
1- In the downtrend, we see a rising wedge pattern and we know that the rising wedge is a continuation pattern but you don't forget that we need confirmation for the entry point.
2- If we focus on Ichimoku, we see that Kijun sen has flattened (Equilibrium) and tenkan sen has acted as a resistance.This means that the candles tend to return to kijun sen.
3- The price is on the descending channel and can't break the middle line of the channel because it's stuck to a powerful kumo !
4- Powerful supports has a lot of attractions and the price is close to a strong support zone.
5- Stochastic is in the overbought area. If this indicator exit from this area we have good confirmation for our trade.
Have a good and profitable deals
We are in downtrend at ETHUSD and have a good opportunity for a short position. But why ?
1- In the downtrend, we see a rising wedge pattern and we know that the rising wedge is a continuation pattern but you don't forget that we need confirmation for the entry point.
2- If we focus on Ichimoku, we see that Kijun sen has flattened (Equilibrium) and tenkan sen has acted as a resistance.This means that the candles tend to return to kijun sen.
3- The price is on the descending channel and can't break the middle line of the channel because it's stuck to a powerful kumo !
4- Powerful supports has a lot of attractions and the price is close to a strong support zone.
5- Stochastic is in the overbought area. If this indicator exit from this area we have good confirmation for our trade.
Have a good and profitable deals