ETHUSD Ichimoku 4H Szenarios Week 1 2023

Here is my weekly 4H INDEX:ETHUSD Ichimoku Analysis for Week 1.

General outlook
The overall market trend is still downwards and I expect that we will see more in Q1 downward pressure due to adjustment of earnings and the higher and higher possibility of, at least, a mild recession in the US and EU.
The Crypto market will be also pointing further downwards as the stock and crypto markets are still highly correlated.

Ichimoku analysis
My weekly analysis is based on the 4H chart.

• Lagging Span is above Price and Cloud
  
• Conversion Line crossed Base Line
  
• Price is above the cloud
  
• Currently Conversion Line, Base Line, and Kumo are flat / ranging
  
• Currently no green Kumo twist
  

4H Resistance / Support Zone

• Resistance between 1225 USD and 1232 USD
  
• Support between 1185 USD and 1180 USD
  

Long Idea - When the resistance zone at 1230 USD turns to support, Kumo twist happens and Cloud + Base Line points upwards
Take Profit Target: 1280 USD
Stop Loss: Below Base Line

Short Idea - When Kumo cloud support at 1200 USD is broken and retested, and the price is below Cloud + Base Line pointing downwards
Take Profit Target 2: 1150 USD
Stop Loss: Above Cloud

Trade active:

Trade taken after the bounce of the support zone.
Stop Loss: 1233 USD

Trade closed manually:

Entered at 1250 USD
Closed at 1265 USD