ETH is similar to grandpa BTC inside the downward channel. A breakout to the upside could see 5% and even 12% profit potential.
Confirmation: Always watch the horizontal LH break out of the channel.
If breakout doesn't happen, further consolidation inside the channel, but keep in mind we're at a huge previous S&R zone:
So even if we keep going down lower, a reaction from the bulls would be expected from the $273 zone, allbeit a small one.
In the direct correlation to BTC, the bulls have reacted at crucial 0.025, defending the important bottom. Any bounce under 0.035 BTC is only a lower high on the Weekly and wouldn't change the trend. So eventually, the probability of a bear break is still much higher, since we're nearer to the bottom:
Can you read the chart yourself, or are you still dependent on other people like myself to read it for you? Do you have a trading plan with sheets, or are you trading from your head? Are you already making gains over the long-term, like a casino, or are you losing over the long-term, because you have no idea what your strategy is? => Those are all important questions, where are I can help you with. I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
Confirmation: Always watch the horizontal LH break out of the channel.
If breakout doesn't happen, further consolidation inside the channel, but keep in mind we're at a huge previous S&R zone:
So even if we keep going down lower, a reaction from the bulls would be expected from the $273 zone, allbeit a small one.
In the direct correlation to BTC, the bulls have reacted at crucial 0.025, defending the important bottom. Any bounce under 0.035 BTC is only a lower high on the Weekly and wouldn't change the trend. So eventually, the probability of a bear break is still much higher, since we're nearer to the bottom:
Can you read the chart yourself, or are you still dependent on other people like myself to read it for you? Do you have a trading plan with sheets, or are you trading from your head? Are you already making gains over the long-term, like a casino, or are you losing over the long-term, because you have no idea what your strategy is? => Those are all important questions, where are I can help you with. I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
