Should we long or short Ethereum?

16 мая 2022 г.

From October last year Eth has entered into a parallel channel. Though it made a ATH ,but it was inside the channel. Since then eth has been making lower highs and lower lows. It is clearly in a downtrend. But now eth has found a good shown as line (A). And it's possibly making a double bottom at the support on the daily chart, it has made a double top on the 4 hr chart. Which can be held as a confirmation that it's going to retest the support. But if it breaks the support then there's a free fall till the next support shown as line (B), which is at around 1400, before rallying up towards the top of the channel. So before going long we should wait for the retesting of the current support and before going short we should wait for the support to break. Either way it will be a very profitable trade for us.