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ETH is trending beautiful and with momentum in this ascending channel, we also saw a break out of the channel but i am suspecting is a fake out move like the previous red cycle on the chart.
Fibs Retracement from the last LL indicates resistance on the region that we are currently are with 2.414 and 2.272 levels.
Also fibs extensions from the last top (the fake out) shows that we are getting pushed downed from the 1.618 level.
Conclusion hot area for a pull back.
Don't forget to protect yourself with proper Risk Management.
Information provided is only educational and should not be used to take action in the market !
Feel free to ask anything in the comments or send me a message !
Thank you for reading my post, have a great day !
ETH is trending beautiful and with momentum in this ascending channel, we also saw a break out of the channel but i am suspecting is a fake out move like the previous red cycle on the chart.
Fibs Retracement from the last LL indicates resistance on the region that we are currently are with 2.414 and 2.272 levels.
Also fibs extensions from the last top (the fake out) shows that we are getting pushed downed from the 1.618 level.
Conclusion hot area for a pull back.
Don't forget to protect yourself with proper Risk Management.
Information provided is only educational and should not be used to take action in the market !
Feel free to ask anything in the comments or send me a message !
Thank you for reading my post, have a great day !
Comment:
1950$ is a good region to start putting long orders or the lower trend line of the channel.
Comment:
The formation that we are in (ascending channel) is a bearish structure.
Keep that in mind.. Way too many people will long the lower trend line..
Keep that in mind.. Way too many people will long the lower trend line..
Trade closed: target reached
