ETH - Bullish Channel inside a Bearish Channel!

12 янв. 2023 г.

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

ETH has been bullish lately trading inside the rising blue channel.

However, this bullish movement is simply a big correction movement inside a bigger bearish channel in red.

The highlighted purple circle is a strong zone that might be holding ETH down as is the the intersection of:
1- Upper Red Trendline acting as a non-horizontal resistance
2- Upper Blue Trendline acting as a non-horizontal resistance
3- 1500 being a horizontal resistance and round number

But of course, no matter how strong a zone is, price can still break it upward.

Thus, as ETH approaches the purple circle zone, I will zoom in to lower timeframes and look for bearish reversal setups for extra confirmation that the bears are taking over.

In parallel, as ETH approaches the lower blue support and trendline, we will be looking for buy setups.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich